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.

Exxon (NYSE:XOM) Inks Biofuel Deal with Synthetic Genomics

Exxon Mobil (NYSE:XOM), via its ExxonMobil Research and Engineering unit, has signed a deal with Synthetic Genomics for next generation biofuels.

The next generation biofuel represented in the deal will focus on using photosynthetic algae which has been developed by Synthetic Genomics.

According to Synthetic Genomics, they're attempting to "use genetics technology to modify microalgae and cyanobacteria to more efficiently convert carbon dioxide into cellular oils and long-chain hydrocarbons - which can further be processed into biofuels and chemicals."

Synthetic was launched by DNA sequencing inventor J. Craig Venter.

Commodities: End of the Ethanol Era

Ethanol an artificial commodity, not the answer

Imagine a plant that can be easily grown on farms all over America. Imagine it can be turned into a fuel through a simple process. Imagine we burn that fuel in our cars to reduce our dependence on foreign oil.

That sounds wonderful. But that plant is not corn. That process is not simple. And that fuel is not ethanol.

Click here for more on "End of the ethanol era"

I can't consider ethanol a real commodity, as is trying to be foisted on us by the government and greenies. There's absolutely nothng about it that has any value, as about every positive assertion made about it is turning out to be false.