Brazil and the Dominican Republic have inked a biofuel cooperation agreement aimed at alleviating poverty and creating economic opportunity. The agreement initially focuses on the production of biodiesel in the Dominican Republic.
Diversa and Celunol merge to become Verenium
Diversa Corporation and Celunol Corp. announced today that they have completed their previously-announced merger [*.pdf] transaction to create Verenium Corporation. The new company possesses a growing portfolio of specialty enzyme products and technical and operational capabilities designed to enable the production of low-cost, biomass-derived sugars for a multitude of major industrial applications.
The most significant near-term commercial opportunity for Verenium will be the large-scale commercial production of cellulosic ethanol derived from multiple biomass feedstocks. Verenium's first jointly released enzyme product is 'Fuelzyme', a novel alpha amylase enzyme assembled from genes found in extremophiles, that allows for more cost-effective production of ethanol from corn.
Verenium begins operations with numerous unique attributes, including:
In addition, the company's process technology has been licensed by Tokyo-based Marubeni Corp. and Tsukishima Kikai Co., LTD and has been incorporated into BioEthanol Japan's 1.4 million liter-per-year cellulosic ethanol plant in Osaka, Japan - the world's first commercial-scale plant to produce cellulosic ethanol from wood construction waste:
energy :: sustainability :: biomass :: bagasse :: cellulose :: ethanol :: biofuels :: synthetic :: enzymes ::
As of March 31, 2007, the company had cash, cash-equivalents, and short-term investments on hand of approximately $125.5 million, which, together with approximately $20 million received in early April from the exercise of an over-allotment option related to the recent convertible notes offering, it believes to be sufficient to fund operations through at least 2008.
Verenium's Board of Directors will initially consist of nine members, six from Diversa and three from Celunol, including Mr. Riva. The non-employee Board members are: Dr. James Cavanaugh, who will serve as Chairman of the Board of Directors; Peter Johnson; Fernand Kaufmann, Ph.D.; Mark Leschly; Melvin Simon, Ph.D.; Cheryl Wenzinger; Joshua Ruch; and Michael Zak.
The company's executive management team is being led by Carlos A. Riva, President, Chief Executive Officer, and Director, and John A. McCarthy, Jr., Executive Vice President and Chief Financial Officer.
Verenium will be headquartered in Cambridge, Massachusetts and have research and operations facilities in San Diego, California; Jennings, Louisiana; and Gainesville, Florida. Due to the complementary nature of the two companies and the level of development activities being pursued, the company anticipates increasing its staff in Cambridge and Jennings, as well as building additional staff over time in San Diego to support the growth of the enzyme business and research and development efforts of the company.
In connection with the merger, Diversa will issue 15 million shares of common stock in exchange for all outstanding equity securities of Celunol, which includes shares issuable under Celunol options and warrants that will be assumed by the Company. As a result of the merger, former Celunol security holders will own approximately 24 percent of the company, while Diversa shareholders will own approximately 76 percent. Immediately following the merger, the Company will have approximately 63 million shares outstanding.
More information:
Diversa Celunol merger: Making Cellulosic Biofuels a Commercial Reality Creating - the First Company with Integrated, End-to-End Technologies to Convert Biomass into Fuel Ethanol [*.pdf], June 21, 2007.
The most significant near-term commercial opportunity for Verenium will be the large-scale commercial production of cellulosic ethanol derived from multiple biomass feedstocks. Verenium's first jointly released enzyme product is 'Fuelzyme', a novel alpha amylase enzyme assembled from genes found in extremophiles, that allows for more cost-effective production of ethanol from corn.
Verenium begins operations with numerous unique attributes, including:
- fully-integrated, end-to-end capabilities in pre-treatment, novel enzyme development, fermentation, engineering, and project development;
- an operational cellulosic ethanol pilot plants in the United States;
- a 1.4 million gallon-per-year demonstration-scale facility, currently under construction, to produce cellulosic ethanol from sugarcane bagasse and specially-bred energy cane
- a diverse and growing portfolio of commercialized industrial enzyme products
- over 300 issued or in-licensed patents for its technologies and processes, as well as over 450 pending patents.
- Specialty Enzymes Business Unit: currently generates commercial revenue from multiple sources, including industrial enzyme product sales, technology licenses, strategic partnerships, and government grants. The unit harnesses the power of enzymes to create a broad range of specialty products to meet high-value commercial needs. It has capabilities in the rapid screening, identification, and expression of enzymes-proteins that act as the catalysts of biochemical reactions.
- Biofuels Business Unit: will be primary focused on the commercial-scale production and sale of cellulosic ethanol from company-managed production facilities throughout the US, as well as strategic partnerships and related revenue arrangements around the world.
- Research and Development: the organization's primary goal will be to support both Verenium Business Units, as well as various existing strategic collaborative partners.
In addition, the company's process technology has been licensed by Tokyo-based Marubeni Corp. and Tsukishima Kikai Co., LTD and has been incorporated into BioEthanol Japan's 1.4 million liter-per-year cellulosic ethanol plant in Osaka, Japan - the world's first commercial-scale plant to produce cellulosic ethanol from wood construction waste:
energy :: sustainability :: biomass :: bagasse :: cellulose :: ethanol :: biofuels :: synthetic :: enzymes :: As of March 31, 2007, the company had cash, cash-equivalents, and short-term investments on hand of approximately $125.5 million, which, together with approximately $20 million received in early April from the exercise of an over-allotment option related to the recent convertible notes offering, it believes to be sufficient to fund operations through at least 2008.
Verenium's Board of Directors will initially consist of nine members, six from Diversa and three from Celunol, including Mr. Riva. The non-employee Board members are: Dr. James Cavanaugh, who will serve as Chairman of the Board of Directors; Peter Johnson; Fernand Kaufmann, Ph.D.; Mark Leschly; Melvin Simon, Ph.D.; Cheryl Wenzinger; Joshua Ruch; and Michael Zak.
The company's executive management team is being led by Carlos A. Riva, President, Chief Executive Officer, and Director, and John A. McCarthy, Jr., Executive Vice President and Chief Financial Officer.
Verenium will be headquartered in Cambridge, Massachusetts and have research and operations facilities in San Diego, California; Jennings, Louisiana; and Gainesville, Florida. Due to the complementary nature of the two companies and the level of development activities being pursued, the company anticipates increasing its staff in Cambridge and Jennings, as well as building additional staff over time in San Diego to support the growth of the enzyme business and research and development efforts of the company.
In connection with the merger, Diversa will issue 15 million shares of common stock in exchange for all outstanding equity securities of Celunol, which includes shares issuable under Celunol options and warrants that will be assumed by the Company. As a result of the merger, former Celunol security holders will own approximately 24 percent of the company, while Diversa shareholders will own approximately 76 percent. Immediately following the merger, the Company will have approximately 63 million shares outstanding.
More information:
Diversa Celunol merger: Making Cellulosic Biofuels a Commercial Reality Creating - the First Company with Integrated, End-to-End Technologies to Convert Biomass into Fuel Ethanol [*.pdf], June 21, 2007.
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