BP and Verenium Announce Vercipia Biofuels to Advance the Commercialization of Cellulos... ( CAMBRIDGE Mass. Jul...)

BP and Verenium Announce Vercipia Biofuels to Advance the Commercialization of Cellulosic Ethanol

Date:7/29/2009

CAMBRIDGE, Mass., July 29 /PRNewswire-FirstCall/ -- BP and Verenium Corporation (Nasdaq: VRNM) today announced that its 50-50 joint venture company will operate under the name Vercipia Biofuels, and plan to relocate its corporate headquarters to Florida. Vercipia continues to focus on the development of one of the nation's first commercial-scale cellulosic ethanol facilities, located in Highlands County, Florida. The company is also developing a second commercial-scale cellulosic ethanol site in the Gulf Coast region.

"I continue to be pleased and enthusiastic with the progress our joint venture - Vercipia - has made in only a few short months, and I look forward to a highly productive and successful next two years as we move toward bringing a first commercial facility into production," said Carlos Riva, President and Chief Executive Officer at Verenium.

"BP's 'all of the above' approach to meeting America's future energy needs includes a significant investment in biofuels development, as this project demonstrates," said Susan Ellerbusch, President of BP Biofuels North America. "We believe Vercipia will be a key player in the biofuels supply chain in the coming years."

Since announcing the formation of the joint venture company in February, Vercipia has applied for and been selected to move forward with due diligence on a Department of Energy (DOE) Loan Guarantee for the Highlands project, which is now underway. In addition, the team has continued to advance development activity in Florida and on a second site in the Gulf Coast region.

About Vercipia

Vercipia is a 50-50 joint venture (JV) between BP and Verenium. It is a partnership between two world-class energy leaders for the commercialization of next-generation cellulosic ethanol, a
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BP and Verenium Announce Vercipia Biofuels to Advance the Commercialization of Cellulos...( CAMBRIDGE Mass. Jul...)