BP has a lot of money, and they want to focus a big chunk into cellulosic ethanol. So, they’re partnering up with Verenium and giving the company $90 million over the next year and a half in order to gain some of Verenium’s technology and hopefully speed up commercialization of cellulosic ethanol.
Looking towards sugar cane, miscanthus, and energy cane, they’re hoping to scale up biofuel’s availability from these and other sources. The $90m will go towards helping put up low-cost production facilities across the
BP’s president Sue Ellerbusch said that this partnership positions BP as having the best technology in cellulosic ethanol production and makes them leaders in the area. Not surprising since they’re forming other partnerships that help them corner the biofuel industry, including partnerships with DuPont, Tropica BioEnergia and D1 Oils.
BP’s fuel sales during 2007 accounted for 10% of the global biofuels market. So they’re serious about making sure that biofuels become more easily available.
|< Prev||Next >|