Verenium and Marubeni Advance the Development of Cellulosic
Ethanol Facilities in Asia
- New plant in Thailand begins operations -
CAMBRIDGE, Mass., and TOKYO, July 15 /PRNewswire-FirstCall/ -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes, and Marubeni Corporation today announced that, pursuant to the terms of their joint development agreement, they are continuing to advance the commercialization of cellulosic ethanol projects utilizing Verenium's proprietary technology in Asia with the opening of a three million-liter-per-year plant in Saraburi, Thailand. Marubeni and Tsukishima Kikai Co., Ltd. have already incorporated Verenium's technology into BioEthanol Japan's 1.4 million-liter-per-year cellulosic ethanol plant in Osaka, which utilizes construction wood waste as a feedstock.
"We are very pleased to see our proprietary cellulosic technology continue to serve as a template for the commercialization of next-generation ethanol in Asia," said Carlos A. Riva, President and Chief Executive Officer at Verenium. "As in the U.S., we believe cellulosic ethanol derived from non-food biomass is going to play a critical role in the global energy mix, and we look forward to further partnering with Marubeni, as we continue to advance additional strategic corporate partnership opportunities, to expand our technology's reach and potential around the globe."
The cellulosic plant in Thailand is co-located with a facility that will produce ethanol from sugar-cane derived sucrose, which is widely abundant in the region. Sugar cane bagasse, the biomass residue from the sugar cane plant, will be the primary source of feedstock for the cellulosic facility, which will be converted into ethanol using Verenium's process technology."
"We are very excited to see a second cellulosic ethanol facility move forward, as alternative, cost-competitive, and environmentally sound fuel sources are critically needed in Asia," said Mr. Toshiya Nagata, Ethanol Manager of Industrial Machinery Department. "We expect that our learnings from the Osaka facility, coupled with Verenium's experience in the U.S., will help to make this plant a rapid commercial success as we look to broaden the footprint and opportunity for cellulosic ethanol in key markets across Asia."
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 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. For more information, visit http://www.verenium.com.
About Marubeni Corporation
Marubeni Cooperation is a one of the biggest trading houses in Japan, with its headquarter in Tokyo and a total of 115 overseas offices in 70 countries/areas. Marubeni has 11 sales divisions in the business fields of energy, chemical, food, machinery etc., with its consolidated net income reaching 147.2 billion yen for the last fiscal year. For more information, visit http://www.marubeni.com.
Marubeni, with Tsukishima Kikai Co., Ltd., has the sub-license for the cellulosic ethanol production technology from Verenium, and finding the chance to export the cellulosic ethanol plant mainly to Asian countries.
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 and Form 8-K filed April 8, 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.
Contacts: Verenium Kelly Lindenboom Vice President, Corporate Communications 617-674-5335 (office) 617-763-7281 (cell) email@example.com Marubeni Corporation Mitsushige Kanaya Manager, New Energy Systems Sec., Industrial Machinery Dept. Kanaya-Mitsu@marubeni.com
SOURCE Verenium Corporation
CONTACT: Kelly Lindenboom, Vice President, Corporate Communications of Verenium Corporation, office, +1-617-674-5335, or cell, +1-617-763-7281, firstname.lastname@example.org; or Mitsushige Kanaya, Manager, New Energy Systems Sec., Industrial Machinery Dept. of Marubeni Corporation, Kanaya-Mitsu@marubeni.com -0- Jul/15/2008 20:01 GMT