Cellulosic ethanol maker Verenium gets $90M investment from BP
Verenium, a Cambridge, Mass. biofuel maker, has formed a partnership with oil giant British Petroleum and taken on a $90 million investment from the latter company to develop its cellulosic ethanol process.
Under the deal, BP will have access to Verenium’s technology if it wishes to build its own production plants, and will also fund further research.
Although Verenium is publicly traded, it is a competitor to quite a few private companies working on cellulosic ethanol, including Coskata, Mascoma and Range Fuels.
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About the Author, Chris Morrison
Chris Morrison writes about cleantech and environmental issues for VentureBeat, with occasional forays into gaming and semantic technology. He got his start writing about tech for Business 2.0 magazine, but quickly realized new media was the ticket when that institution closed its doors in 2007. Chris has also covered public equities and regulatory issues. He originally hails from southern Virginia, graduated from Evergreen State College in Washington, and now lives in San Francisco.