Verenium Begins Commissioning of Nation's First Cellulosic
Ethanol Demonstration-Scale Plant
Company Hosts Analyst and Investor Day and a Dedication Ceremony to Mark Industry Milestone
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 success."
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 Commercial Development. -- R&D strategies and programs and impact on both the biofuels and specialty enzyme businesses, Bill Baum, Executive Vice President of Business Development. -- 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 Verenium's process. -- 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.
Contact: Kelly Lindenboom Vice President, Corporate Communications 617-674-5335 email@example.com Sarah Carmody Sr. Corporate Communications Associate 617-674-5357 firstname.lastname@example.org
SOURCE Verenium Corporation
CONTACT: Kelly Lindenboom, Vice President, Corporate Communications, +1-617-674-5335, email@example.com, or Sarah Carmody, Sr. Corporate Communications Associate, +1-617-674-5357, firstname.lastname@example.org, both of Verenium Corporation -0- May/28/2008 12:00 GMT