Oil company BP says it will buy a biofuels business in California from Verenium Corp. for $98.3 million.
BP, which is struggling to contain a devastating oil spill in the Gulf of Mexico, said Thursday it is acquiring Verenium's business in cellulosic biofuels — fuels made from grasses, canes, softwoods and other biomass.
Verenium, based in Cambridge, Massachusetts, will retain its commercial enzyme business, including its biofuels enzymes products.
BP is acquiring Verenium's pilot plant in Jennings, Louisiana, and research and development facility in San Diego.
