Verenium Corporation (Nasdaq: VRNM), a company focused on developing next-generation cellulosic ethanol, announced that it has been awarded a grant from the U.S. Department of Energy (DOE) under a $40 million program to support the development of small-scale cellulosic ethanol biorefinery plants. The Company will now begin discussions with the DOE to determine the amount of the award.
Demonstration-scale facilities are a critical development step to scaling and validating cellulosic technology as the industry advances toward the commercialization of next-generation ethanol. Verenium is one of two companies that were selected for this round of DOE grants and will utilize the funds to support ongoing activities at its 1.4 million gallon per year demonstration-scale facility in Jennings, LA.
"This award supports a very important phase of our growth as we seek to validate cost and performance goals in our demonstration plant that will allow us to move to commercial scale. We are very pleased with this award, and with our continued progress on corporate partnership discussions. Both of these initiatives will help to accelerate our overall biofuels business, and we look forward to providing further updates as these important programs advance," said Carlos A. Riva, President and CEO at Verenium. "Government support such as this is a great help in advancing the development of commercially viable biofuels, and supports the rapidly emerging cellulosic ethanol industry in addressing America’s urgent need for alternative fuels."
About Verenium
Verenium Corporation is focused on the commercialization of next-generation cellulosic ethanol, an environmentally-friendly and renewable transportation fuel, as well as high-performance specialty enzymes for applications within the alternative fuels, specialty industrial processes, and animal nutrition and health markets. The Company possesses integrated, end-to-end capabilities in pre-treatment, novel enzyme development, fermentation, engineering, and project development and is moving rapidly to commercialize its proprietary technology for the production of ethanol from a wide array of cellulosic feedstocks, including dedicated energy crops, sugarcane bagasse, agricultural waste, and wood products. In addition to the vast potential for biofuels, a multitude of large-scale industrial opportunities exist for the Company relating to products derived from the production of low-cost, biomass-derived sugars.
Verenium’s Specialty Enzyme business harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. Verenium’s R&D organization is renowned for its capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions.
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