Verenium sells cellulosic-ethanol business to BP

BP Biofuels North America has agreed to purchase Verenium's cellulosic-biofuels unit, including facilities in Louisiana and California, for $98.3 million. The acquisition will make BP the sole investor in Vercipia Biofuels and Galaxy Biofuels, which were originally formed with Verenium. The transaction will also allow Verenium to concentrate on its enzyme business, said CEO Carlos Riva and Chief Operating Officer Janet Roemer.

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