Ethanol Demonstration-Scale Plant
Company Hosts Analyst and Investor Day and a Dedication Ceremony to Mark
CAMBRIDGE, Mass., May 28 /PRNewswire-FirstCall/ -- Verenium Corporation
(Nasdaq: VRNM), a pioneer in the development of next-generation cellulosic
ethanol and high-performance specialty enzymes, announced today that it has
begun the commissioning phase at its demonstration-scale cellulosic ethanol
facility in Jennings, Louisiana. The Company will host an analyst and
investor day today at its Jennings facility, providing an overview of recent
corporate developments and accomplishments in its core business areas, as well
as its strategic direction and future growth opportunities. A dedication
ceremony is planned in Jennings on Thursday, May 29, 2008.
"This is a major step forward and a transformational moment for Verenium
and the next-generation ethanol industry as we seek commercially-viable
alternatives to traditional fuel sources," said Carlos A. Riva, President and
Chief Executive Officer of Verenium. "This is a first for the U.S. and as we
take the next step toward commercialization, we are breaking new ground and
setting new standards for our industry."
"We are also pleased to be showcasing our success and progress at our
analyst and investor day in Jennings, and to be mapping out our corporate
vision for a path to commercialization."
Start-up activities will continue as the facility transitions into a
comprehensive commissioning phase allowing the Company to evaluate its process
for making ethanol at scale and validate cost and performance assumptions to
prepare for the development of its first series of commercial plants. This
phase puts Verenium on track for its goal of beginning construction in the
middle of next year on a 30 million-gallon-per-year commercial plant, which
will be the first of its kind, located in the southeastern United States.
"We must assure that this next-generation of ethanol is produced in a
responsible manner to minimize the carbon footprint and deliver the energy
this country so urgently needs," Riva said. "With this plant moving into
operations, we are on the brink of commercialization, on the brink of
Verenium's demonstration-scale plant in Jennings is rated to produce 1.4
million-gallons-per-year of next-generation ethanol that uses specialty
enzymes and the Company's proprietary technology to convert non-food biomass.
Analyst and Investor Day Highlights
Presentations for the day will include:
-- Corporate overview and strategy; long-term goals and growth
opportunities, Carlos A. Riva, President and Chief Executive Officer.
-- Company biofuels technology and process, including status of the
demonstration-scale plant and critical milestones on the path to
commercialization, John Malloy, Executive Vice President of Biofuels.
-- Commercial site-development and project-level partnering as well as
goals for continued growth, Chuck Davis, Senior Vice President of
-- R&D strategies and programs and impact on both the biofuels and
specialty enzyme businesses, Bill Baum, Executive Vice President of
-- Perspective on the development of cellulosic ethanol technology,
Prof. Lonnie Ingram, Distinguished Professor of Microbiology from the
University of Florida; inventor of original microorganisms used in
-- Vision for specialty enzymes business, current trends and update on
pipeline opportunities and partnerships, Janet Roemer, Executive Vice
President of the Specialty Enzymes Business Unit.
-- Current financial drivers and perspective on the Company strategy for
project finance, John A. McCarthy, Jr., Executive Vice President and
Chief Financial Officer.
A live webcast of this invitation-only analyst and investor meeting will
begin today at approximately 8:30 a.m. Central Time (9:30 a.m. Eastern Time).
The meeting is expected to last until 1:00 p.m. Central Time (2:00 p.m.
Eastern Time) and may be accessed by visiting the "Investors" section of the
Company's website at http://www.verenium.com. The webcast will be archived
and available on the Company's website for 30 days.
Verenium Corporation is a leader in the development and commercialization
of next-generation cellulosic ethanol, an environmentally-friendly and
renewable transportation fuel, as well as high-performance specialty enzymes
for applications within the alternative fuels, specialty industrial processes,
and animal nutrition and health 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 cellulosic feedstocks, including dedicated energy crops,
sugarcane bagasse, agricultural waste, and wood products. In addition to the
vast potential for biofuels, a multitude of large-scale industrial
opportunities exist for the Company relating to 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 operates one of the nation's first cellulosic ethanol pilot
plants, an R&D facility, in Jennings, Louisiana and has recently entered the
start-up phase at its 1.4 million-gallon-per-year demonstration-scale
facility. 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, 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 Company's operations, capabilities,
commercialization activities, target markets and cellulosic ethanol
facilities, 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 the differences include, but are not limited to, risks
associated with Verenium's new and uncertain technologies, risks associated
with the costs, labor requirements and labor availability associated with
Verenium's demonstration plant [and future commercial plants], risks
associated with Verenium's ability to obtain additional capital to support its
planned operations, 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
collaboration, manufacturing, and/or license agreements, 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 three months ended March 31, 2008. 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.
Vice President, Corporate Communications
Sr. Corporate Communications Associate
SOURCE Verenium Corporation
Kelly Lindenboom, Vice President, Corporate Communications, +1-617-674-5335,
firstname.lastname@example.org, or Sarah Carmody, Sr. Corporate Communications
Associate, +1-617-674-5357, email@example.com, both of Verenium
-0- May/28/2008 12:00 GMT
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