Last August in was announced that BP would be investing some $90 million into Verenium's efforts to develop cellulosic ethanol. Now that partnership has taken another step forward, with the formation of a 50-50 joint venture and further investment towards developing a commercial-scale cellulosic ethanol plant in Florida. Here are the details:The new joint venture will be started with a total commitment of $45 million, half of which will come in the form of funding from BP and the other half in assets from Verenium. The company will be led by a team of employees of both BP and Verenium and governed by a board with equal representation from both firms. Initially offices will be established in Cambridge, Massachusetts.
Commercial Facility Construction Hoped to Begin 2010
Verenium says the first major effort of the joint venture will be focusing on securing financing for a commercial cellulosic ethanol plant, to be located in Highland County, Florida. Estimated construction costs for the 36 million gallon per year facility will be between $250-300 million, with construction hoped to being in 2010. Fuel production is expected to begin in 2012.
via: Biofuels Digest, Verenium
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