Verenium Optimistic Despite Decline in Revenue

Cindy Zimmerman

VereniumVerenium Corporation reports lower revenues so far this year, but lots of accomplishments.

According to the cellulosic ethanol company, total revenues for the nine months ended September 30 were $49.3 million compared to $49.9 million last year, with product revenues representing more than 55 percent of total revenues in all periods. Product revenues for the this year are $32.1 million, compared to $37.0 million for same period in 2008, representing a 13 percent decrease, “reflecting the impact of the current economic recession.”

Accomplishments for the company so far this year include, continued development of the demonstration and pilot plants in Jennings, LA; and forming Vercipia, a joint venture with BP for the commercial cellulosic ethanol project in Highlands County, Florida. Verenium has entered the due diligence phase of the U.S. Department of Energy’s Title XVII Loan Guarantee Program for the Florida plant.

President and CEO Carlos Riva says he is pleased with the progress the company has made. “I am particularly enthusiastic about the ongoing discussions with the DOE for a loan guarantee for our first commercial facility, as well as the significant improvements we made to our overall capital structure,” he said in a statement.

Cellulosic, Ethanol, Ethanol News