Thursday, July 15, 2010

BP (NYSE:BP) Acquires Biofuels Technology from Verenium for $98 Million

BP (NYSE:BP) has acquired biofuels technology from its American partner Verenium Corp (Nasdaq:VRNM) for $98 million. The deal also includes two facilities.

Philip New, chief executive of BP Biofuels, said this about the deal, "This acquisition demonstrates BP's intent to be a leader in the cellulosic biofuels industry in the U.S. and positions us as one of the few global companies with an integrated end-to-end capability."

"BP Biofuels should be well placed to accelerate the delivery of low cost, low carbon, sustainable biofuels, at scale."

while BP continues to look for deals to shed some of its assets to raise capital, they recently said their biofuels unit wouldn't be one of those assets they'll sell, and this deal confirms their statement.

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