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Verenium and BP Extend Galaxy Joint Development Program for Another Month

Verenium Corporation has extended the joint development program established in August 2008 with partner BP for an additional month until April 1, 2010. The partners had initially extended the program for another month in February (earlier post); that extension was expiring. 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.

—Carlos A. Riva, President and CEO at Verenium

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