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07/24/2008 07:07 AM
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Verenium Receives $5.4M New Zealand Grant
SustainableBusiness.com News
Verenium Corporation (Nasdaq: VRNM), a developer of next-generation
cellulosic ethanol and high-performance specialty enzymes, today
announced that it was awarded a three-year, $5.4 million grant from the
New Zealand Foundation for Research, Science and Technolog to be used
in conjunction together with research partner Scion.
Funding is expected to start in October and will be used for the
next stage of development by the New Zealand Lignocellulosic Bioethanol
Initiative, a trans-Pacific research collaboration.
"This grant represents an important endorsement of our research
collaboration with Scion. Together with our recent awards from the U.S.
Department of Energy, this grant adds support to our scientific efforts
to advance the development of this rapidly-emerging global industry,"
Carlos A. Riva, President and CEO at Verenium, said.
This initiative builds from previous collaborative research among
Verenium, New Zealand's Crown Research Institutes Scion and AgResearch,
and New Zealand's largest pulp and paper producer, Carter Holt Harvey,
which recently announced the completion of a study which evaluated the
infrastructure, technology and economics of a transportation biofuels
facility using New Zealand softwood plantation forests as a potential
feedstock. With this award, the collaboration will further evaluate the
viability of producing cellulosic ethanol from New Zealand's softwood
forest resource through successful pilot-scale trials of existing
lab-scale research on pre-treatment and enzymatic processing. Verenium
will be bringing their enzyme and fermentation technologies to this
program and will be leveraging the Company's existing facilities to
accelerate commercialization timelines.
Scion Chief Executive Dr. Tom Richardson said the successful
research grant is critical to the continuing assessment of the role
that domestically produced biofuels will play in New Zealand's future
energy supply. "New Zealand's aspirations for transport emissions
reduction and sustainable economic development can only be achieved if
global technology leaders like Verenium, local firms and domestic
policy development are brought together. We are pleased that the
Foundation has supported this scale-up program and look forward to the
evaluations."
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.
About Scion and the New Zealand Lignocellulosic Bioethanol Initiative
Scion is one of New Zealand's nine Crown Research Institutes (CRI) and
is dedicated to building a stronger bio-based economy for New Zealand.
Scion's vision is to advance the widespread utilization of renewable
materials and products derived from plant-based resources for economic,
environmental and social returns.
The New Zealand Lignocellulosic Bioethanol Initiative is a
trans-Pacific collaboration between two New Zealand CRIs Scion and
AgResearch, New Zealand's largest pulp and paper company Carter Holt
Harvey and Verenium. It came together with the objective of addressing
the challenges of using pine as a feedstock for bioethanol production.
The initiative has been active since May 2006.
Website: http://www.verenium.com
