"BP will buy Verenium’s biofuel unit" by Brian Swint and Alex Morales, Bloomberg News | July 16, 2010
LONDON — BP PLC will acquire Verenium Corp.’s cellulosic biofuels business, expanding its operations in alternative fuels.
BP Biofuels North America will pay $98.3 million for the business, which includes facilities in Jennings, La., and San Diego, the companies said yesterday.
Shares of Verenium, a Cambridge, Mass., company that will keep its commercial enzyme business, surged the most since they started trading in February 2000.
BP, fighting the worst oil spill in US history in the Gulf of Mexico, has invested about $3 billion in alternative fuels since 2005 on forecasts for global energy demand to rise 50 percent in the next two decades.
Related: BP's Bucket of Oil
They made $17 BILLION in PROFIT LAST YEAR alone, huh?
Yeah, BP is really going green!
Cellulosic biofuel is a liquid fuel made by extracting the sugars out of grass.
Save those lawn clippings, AmeriKa!!!
“This acquisition demonstrates BP’s intent to be a leader in the cellulosic biofuels industry in the US,’’ said Philip New, chief executive of BP Biofuels. “BP Biofuels should be well placed to accelerate the delivery of low cost, low carbon, sustainable biofuels, at scale.’’
So HOW MUCH TAX LOOT is being KICKED THAT WAY?
Related: What Are Little Farts Made Of?
I thought something stunk.
