New Biofuel company opens; headquartered in Cambridge April 21, 2009Posted by HubTechInsider in renewable energy.
Tags: Cambridge, renewable energy, Venture Capital
Verenium Corporation (NASDAQ: VRNM) is a biotechnology firm that produces enzymes used in industrial processes and agricultural feedstocks. The company also does U.S. Army funded research on antibodies for potential biological weapons like SARS and anthrax. Verenium has been receiving a lot of attention recently because it has developed enzyme processes that break down biomatter to produce cellulosic ethanol, a developing, expensive source of fuel that gained strong government backing with the passage of the Energy Independence and Security Act of 2007.
Verenium’s current main product is Phyzyme phytase, which helps livestock to get nutrition from wheat-based diets by improving their absorption of phosphorus, and the market for this enzyme is growing steadily in both domestic and international markets. The market for cellulosic ethanol, however, is much more volatile. Though the U.S. government is supporting cellulosic development through research grants and subsidies to the tune of $1.18 per gallon, the world’s current dependence on oil makes a transition to ethanol very difficult. Competing with Verenium in the cellulosic market are companies like Bluefire Ethanol, VeraSun Energy, and Pacific Ethanol.
Verenium Corporation (Nasdaq: VRNM) was formed in June of 2007 through the merger of Diversa Corporation, a global leader in industrial enzyme discovery and development, and Celunol Corporation, a company on the forefront of developing cellulosic ethanol.
Verenium is using its proprietary technologies and world-class expertise in pre-treatment, novel enzyme development, fermentation, engineering and project development to accelerate the development and commercialization of cellulosic ethanol from a wide array of feedstocks, including sugarcane bagasse, dedicated energy crops, agricultural waste and wood products.
By using theses integrated end-to-end capabilities, Verenium is positioned to be the first to produce cellulosic ethanol on a commercial-scale.
In addition, the Company discovers and optimizes enzymes, proteins that act as the catalysts of biochemical reactions, for the biofuels, specialty industrial processes and health & nutrition markets. Verenium currently has a portfolio of commercialized enzyme products as well as several late-stage product candidates.
For more information on Verenium, please visit www.verenium.com.