BP, Verenium announce biofuels agreement

BP and Verenium Corp. announced an agreement for BP Biofuels North America to acquire Verenium’s cellulosic biofuels business, including the company’s facilities in Los Angeles and San Diego, Calif., for US$98.3 million. This acquisition demonstrates BP’s intent to be a leader in the cellulosic biofuels industry in the U.S. and positions it as one of the few global companies with an integrated end-to-end capability, from R&D to commercialization, distribution and blending, said Philip New, chief executive officer of BP Biofuels. (July 16, 2010)