In a replay of the news from March 1, 2010, Verenium and BP extended their Joint Development and License Agreement for one additional month to April 1, 2010 under the same terms as the prior extension. It is apperant that BP and Verenium are taking this month to month approach in anticipation of approval of DOE debt guaratees needed to finance their cutting edge cellulosic ethanol plant in Highlands, Florida scheduled to break ground this year. Verenium will recieve an additional $2,500,000 as part of the extension.
This news represents nothing new and the timing of DOE financing is still anyone's guess. However, it should be noted once again that there are substantial long time links between BP and Energy Secretary and scientist Stephen Chu that would seem to give this project a strong push. Nonetheless, I still see a strong likelihood of news on DOE financing no latter than the first half of 2010.
Do your own due diligence.
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3 comments:
Maybe its wishful thinking, but a DOE loan approval for Verenium announced on Earth Day could be good PR for Obama, especially after his announcement to open up offshore drilling irritated a lot of his loyal constituents....
That would be nice, however I believe the delay is related to red tape and it won't necessarily be cut short due to the calendar. However, we can hope that Earth Day is VRNM Day this year.
I wonder it the recent oil spill will encourage the current administration to clear away some of the red tape that is holding up the funding for alternative sources of ethanol?
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