BP, still mired in the ongoing Gulf oil disaster, has signed a deal to acquire the cellulosic ethanol fuel business of Verenium.
BP said Thursday it will pay $98.3 million in cash for Verenium's technology and ethanol plant in Jennings, La.
Cambridge, Mass.-based Verenium, which has business lines other than ethanol, will retain its commercial enzyme business and its biotech-related research and development.
The Louisiana site, which is a pilot-scale plant as opposed to a commercial-scale one, uses bagasse, the residue from sugar cane processing. The bagasse is used to make ethanol, which is then blended with … Read more