Verenium extends joint ethanol development project with BP

CAMBRIDGE, Mass. (AP) - Ethanol developer and maker Verenium Corp. said on Thursday that it extended a joint development project with energy company BP for an additional four months.

The two companies will continue collaborating on technologies related to making ethanol from nonfood sources such as grasses. That type is called cellulosic ethanol.

As part of the deal, Verenium will receive $2.5 million per month from BP to continue to fund the program.

The joint venture, first announced in August 2008, was set to expire Thursday.

In afternoon trading, Verenium shares rose 19 cents, or 3.75 percent, to $5.25. They have ranged between $3 and $11.76 the past 52 weeks.

source: canadianbusiness