Technology Being Utilized in the First Commercial Plant To Produce
Cellulosic Ethanol From Wood Construction Waste
Verenium Expands Presence in Florida with Tampa Office
ST. PETERSBURG, Fla., July 19 /PRNewswire-FirstCall/ -- Verenium
Corporation (Nasdaq: VRNM), a leading developer of biofuels derived from
low-cost, abundant biomass and a developer of specialty enzyme products,
today presented the University of Florida a $66,000 royalty check for its
patented cellulosic ethanol technology.
The ceremonial presentation was made at the Florida Department of
Agriculture and Consumer Services' 2007 Farm-to-Fuel Summit -- an event
aimed at helping Florida farmers and ranchers produce biofuel crops to help
reduce the nation's dependence on foreign oil.
The royalty payment is from the first commercial production of biomass
ethanol produced using patented technology developed by Dr. Lonnie Ingram,
a Distinguished Professor in UF's Department of Microbiology and Cell
Science, and Director of the Florida Center for Renewable Chemicals and
Fuels, and licensed to Verenium. BioEthanol Japan -- a joint venture of
Marubeni Corp. and Tsukishima Kikai Co., LTD -- is using the technology
under license from Verenium in their 1.4 million liter-per-year cellulosic
ethanol plant in Osaka, Japan. It is the world's first commercial plant to
produce cellulosic ethanol from wood construction waste.
Cellulosic ethanol is an environmentally friendly and renewable
transportation fuel produced from a wide array of feedstocks, including
sugarcane bagasse, dedicated energy crops, agricultural waste, and wood
products.
"This initial royalty payment represents a true milestone in our long
and productive partnership with the University of Florida," said Carlos A.
Riva, Verenium's President and Chief Executive Officer. "It demonstrates
the very real commercial potential for this technology and the fact that
technology transfer is alive and well in Florida. Moreover, this check is
tangible proof that the commercial success of Verenium's technology will
benefit the University and its stakeholders."
Timothy R. Eves, Verenium's Florida Vice President of Business
Development, presented the royalty check to Florida Agriculture
Commissioner Charles Bronson and Jimmy Cheek, the University of Florida's
senior vice president for agriculture and natural resources.
"It is exciting to see what was once just a vision come to fruition,"
Bronson said. "I am confident this is only the beginning of Florida's front
and center role in the development of environmentally friendly alternative
fuels."
Added Cheek: "I am pleased to accept this check for the University of
Florida. It is a symbol of our successful research that is contributing to
making alternate fuels available. This technology can convert crops, trees,
and yard and agricultural waste to fuel. Imagine converting kudzu to fuel.
Professor Ingram did. The impact is global."
"Dr. Ingram is a pioneer in the development of environmentally
sustainable ethanol technologies," said Win Phillips, UF's Vice President
for Research. "The University is pleased to be partnering with Verenium to
move this important technology out of the laboratory and into commercial
use, where it can help reduce greenhouse gases and make the U.S. more
energy independent."
Verenium operates a pilot-scale cellulosic ethanol facility in
Jennings, Louisiana, that is a centerpiece of the company's ongoing
research and development efforts. In February 2007, Verenium also broke
ground on the first demonstration-scale cellulosic ethanol facility in the
United States. The company expects to achieve mechanical completion of this
project, located adjacent to the Jennings pilot facility and rated for 1.4
million gallons per year, by the end of 2007.
In Florida, where Verenium operates a research laboratory at the
University of Florida's Sid Martin Biotechnology Development Incubator in
Alachua, the company is looking to build its own cellulosic ethanol plant
in partnership with a large landowner or agricultural interest.
"The Florida climate is ideal for growing the feedstocks needed to
produce cellulosic ethanol," said Eves, an energy industry veteran who
joined Verenium in June. "We've opened an office in Tampa, and we're
committed to the further expansion of our presence in the state."
About the University of Florida
The University of Florida is one of the nation's leading research
institutions, receiving more than $518 million in funding annually to
conduct research in agriculture, health sciences, engineering and many
other fields. UF's Office of Technology Licensing (OTL) manages almost 300
disclosures per year generated from the cutting-edge research that takes
place throughout the institution. OTL has partnered with companies
throughout Florida, the Southeast and nationally to assist in the movement
of technologies to the marketplace and welcomes the opportunity to work
with companies interested in such a partnership. For more information,
visit the website at http://www.otl.ufl.edu or email jmuir@ufl.edu.
About Verenium
Verenium Corporation is a leader in the development and
commercialization of cellulosic ethanol, an environmentally-friendly and
renewable transportation fuel, as well as high-performance specialty
enzymes for applications within the biofuels, industrial, and health and
nutrition 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 feedstocks, including sugarcane bagasse, dedicated energy crops,
agricultural waste, and wood products. In addition to the vast potential
for biofuels, a multitude of large-scale industrial opportunities exist for
the Company for 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 world class 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.
Verenium recently completed a significant upgrade of one of the
nation's first operational cellulosic ethanol pilot facilities located in
Jennings, Louisiana and expects to achieve mechanical completion of a 1.4
million gallon-per-year, demonstration-scale facility to produce cellulosic
ethanol by the end of 2007. In addition, the Company's process technology
has been licensed by Tokyo-based Marubeni Corp. and Tsukishima Kikai Co.,
LTD and has been incorporated into BioEthanol Japan's 1.4 million
liter-per-year cellulosic ethanol plant in Osaka, Japan -- the world's
first commercial-scale plant to produce cellulosic ethanol from wood
construction waste. For more information on Verenium, visit
http://www.verenium.com.
Forward Looking Statements
Statements in this press release that are not strictly historical are
"forward-looking" and involve a high degree of risk and uncertainty. These
include statements related to the commercial potential for, and the
commercial success of, the cellulosic ethanol technology licensed by
Verenium from the University of Florida, cellulosic ethanol's environmental
benefits and contribution to U.S. energy independence, the timing for
mechanical completion of Verenium's demonstration-scale cellulosic ethanol
facility, Verenium's building of a cellulosic ethanol plant in Florida in
partnership with a large landowner or agricultural interest, Verenium's
plans to expand its presence in Florida, and the biofuels and industrial
opportunities for the Company's products, all of which are prospective.
Such statements are only predictions, and actual events or results may
differ materially from those projected in such forward-looking statements.
Factors that could cause or contribute to differences include, but are not
limited to, risks associated with Verenium's new and uncertain
technologies, risks associated with Verenium's dependence on patents and
proprietary rights, risks associated with Verenium's protection and
enforcement of its patents and proprietary rights, technological,
regulatory, competitive and other risks related to development, production,
and commercialization of cellulosic ethanol and other biofuels and the
commercial prospects of those industries, Verenium's dependence on existing
collaborations, including with the University of Florida, and its ability
to achieve milestones under existing and future collaboration agreements,
the ability of Verenium and its partners to commercialize products
(including by obtaining any required regulatory approvals) using Verenium's
technologies and timing for launching any commercialized products, the
ability of Verenium and its collaborators to market and sell any products
that it or they commercialize, the development or availability of
competitive products or technologies, the future ability of Verenium to
enter into and/or maintain collaboration and joint venture agreements and
licenses, changes in the U.S. or global energy markets and risks and other
uncertainties more fully described in the Company's filings with the
Securities and Exchange Commission, including, but not limited to, the
Company's quarterly report on Form 10-Q for the quarter ended March 31,
2007. These forward-looking statements speak only as of the date hereof.
The Company expressly disclaims any intent or obligation to update these
forward-looking statements.
Contacts:
Verenium Corporation:
John B. Howe
Vice President, Public Affairs
+1-617-674-5318
john.howe@verenium.com
Media Inquiries:
John Finotti
Access Public Relations
+1-904-891-3867
jfinotti@bellsouth.net
Investor Inquiries:
Evan Smith, CFA
Financial Dynamics Business Communications
+1-212-850-5606
SOURCE Verenium Corporation
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Related links:
http://www.verenium.com
http://www.otl.ufl.edu
CONTACT:
John B. Howe, Vice President, Public Affairs
of Verenium Corporation, +1-617-674-5318, john.howe@verenium.com;
or Media Inquiries, John Finotti of Access Public Relations,
+1-904-891-3867, jfinotti@bellsouth.net, or Investor Inquiries,
Evan Smith, CFA, Financial Dynamics Business Communications,
+1-212-850-5606, for Verenium Corporation
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