Coming at the heels of Verenium's announcement that it was awarded a DOE grant to help commercialize cellulosic ethanol, last week BP and Verenium announced that they have entered into a strategic partnership in which BP will give Verenium a total of US $90 million in funding over the next 18 months in exchange for the rights to current and future technology held within the newly-formed partnership.

"We believe energy crops like sugar cane, miscanthus and energy cane are the best feedstocks to deliver economic, sustainable and scaleable biofuels to the world. This deal puts us at the front of the cellulosic biofuels game." -- Sue Ellerbusch, President, BP Biofuels North America.