Verenium and BP Extend Galaxy Joint Development Program
News Mar 09, 2010
Verenium Corporation has announced that it has extended the joint development program established in August 2008 with partner BP for an additional month until April 1, 2010. BP and Verenium will continue their ongoing joint development work to accelerate the development and commercialization of cellulosic ethanol, while the two parties continue negotiations for a longer-term collaboration. Verenium will receive an additional $2.5 million from BP to co-fund the cellulosic ethanol program for the month of March.
"Both Verenium and BP remain committed to advancing our cellulosic ethanol technology and agreeing on an appropriate structure for doing so," said Carlos A. Riva, President and Chief Executive Officer at Verenium.
The material terms of this extension agreement are described in more detail in the Company's Current Report on Form 8-K filed on March 1, 2010 with the Securities and Exchange Commission.
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