BP Becomes Leader in Cellulosic Ethanol Investment, Adds $22.5M to Verenium. On Wednesday, BP anounced a joint venture with Verenium to build the world’s largest cellulosic ethanol facility. BP’s total investment—now $112.5 million—will be the largest by an oil company in advanced, non-food-based biofuels.The Florida-based plant would be 25 times larger than Verenium’s existing (and operational) cellulosic ethanol facility in Louisiana, which began operation earlier this month and is expected to produce 60+ million gallons of cellulosic ethanol per year when at full capacity. This new, larger facility is schedule to break ground in 2010 and commece operations in 2012.
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