BP has purchased Verenium Corp, a cellulosic biodiesel firm for $98 Million.
Actually, it sounds like it was an existing deal from over a year ago which they are buying out the partnership.
Anyway, BP has invested in solar for a long time. Now they're investing more in the biofuels industry perhaps in an attempt to clean some of the tarnish... well, heavy grease... off of their image.
BP have been in to Biofuels for quite some time, certainly long before any gulf oil spill. They have been investing >$400 million over the last few years into bioethanol at their site on the Humber and are also in the process of building a Biofuels research centre on the same site for another >$40 million. This will be looking into Biobutanol I believe.
The verenium deal is small change compared to some of the other biofuels investments they have made. Although it is also tiny amounts compared to what their total liability is going to be from the gulf oil spill.
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