Verenium and BP Extend Galaxy Joint Development Program
News Feb 02, 2010
Verenium Corporation has announced that it has extended the initial 18-month joint development program established in August 2008 with partner BP, which was scheduled to expire on February 1, 2010, until March 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 to negotiate the terms of a multi-year extension of their collaboration program. Verenium will receive an additional $2.5 million from BP to co-fund various scientific and technical initiatives for the month of February.
"We are very pleased with the success we've had over the 18-month Galaxy collaboration and are enthusiastic about expanding this technology development partnership with BP. We continue to focus on our vision for evolving cellulosic ethanol as a viable solution to complement our energy needs," said Carlos A. Riva, President and Chief Executive Officer at Verenium.
The material terms of this amended agreement are described in more detail in the Company's Current Report on Form 8-K filed on February 1, 2010 with the Securities and Exchange Commission. The Company expects to announce the outcome of negotiations with BP to further extend their collaboration program within the coming weeks.