A pioneer in the development of next-generation cellulosic ethanol and high-performance specialty enzymes is reporting record growth and advancement towards the commercialization of cellulosic ethanol.

Massachusetts-based Verenium Corporation reports that total revenues for the quarter ended March 31, 2008 were $15.2 million compared to $11.3 million for first quarter of 2007.

Verenium CEO Carlos Riva says he is encouraged by the overall results and achievements of the first quarter. “As planned, our demonstration-scale cellulosic ethanol facility entered the start-up phase and is proceeding on schedule despite significant cost escalation and labor shortages being experienced across the energy sector,” said Riva in a statement.

“We are at a transformational time for both the next-generation biofuels industry and Verenium, as the world is now actively seeking alternate sources of ethanol, particularly those derived from cellulosic biomass,” added Riva.

Verenium operates an R&D cellulosic ethanol pilot plants in Jennings, Louisiana and has 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 incorporated into BioEthanol Japan’s 1.4 million liter-per-year cellulosic ethanol plant in Osaka, which is the world’s first commercial-scale plant to produce cellulosic ethanol from wood construction waste.