CAMBRIDGE, Mass., Feb 01, 2010 /PRNewswire via COMTEX/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, today 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.
Its been a long time since their last PR...
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Item 1.01 Entry into a Material Definitive Agreement.
On January 29, 2010, Verenium Biofuels Corporation (“Verenium Biofuels”), a wholly owned subsidiary of Verenium Corporation, entered into an amendment of the existing Joint Development and License Agreement with BP Biofuels North America LLC (“BP”) dated August 6, 2008, focused on the development and commercialization of cellulosic ethanol technologies. The principal purpose of this Amendment No. 1 to Joint Development and License Agreement (the “Amendment”) was to extend the term of the original 18-month joint development program by one month, to March 1, 2010 (the “Extended Term”).
The financial terms of the Amendment include a cash payment of $2.5 million to Verenium Biofuels by BP on February 5, 2010 for the continued performance of Verenium’s obligations under the joint development program during the Extended Term.
On February 20, 2009, Verenium Biofuels and BP also became parties to an Amended and Restated Limited Liability Company Operating Agreement whereby they each own a 50% interest in a limited liability company, Highlands Ethanol LLC, that serves as a commercial entity for the deployment of cellulosic ethanol technology being developed and proven pursuant to the Joint Development and License Agreement referenced above. The Amendment and Extended Term referenced above have no effect on Highlands Ethanol LLC.
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