ST. PETERSBURG, Fla., July 25 (UPI) -- Florida-based Verenium Corp. announced it has bought patented cellulosic ethanol technology from the University of Florida.
The biofuels developer paid $66,000 in royalties to the university during a presentation at the Florida Department of Agriculture and Consumer Services' 2007 Farm-to-Fuel Summit.
"This initial royalty payment represents a true milestone in our long and productive partnership with the University of Florida," said Carlos Riva, president and chief executive officer of Verenium. "It demonstrates the very real commercial potential for this technology and the fact that technology transfer is alive and well in Florida.
"Moreover, this is tangible proof that the commercial success of Verenium's technology will benefit the University and its stakeholders."
The purchased technology will be demonstrated in Verenium's first commercial-scale ethanol plant in Jennings, La. Not only corn but other crops, trees, and yard and agricultural waste can be converted as well using the university's methods.
Michigan is also pushing a wood-to-ethanol plant in Lansing. Gov. Jennifer Granholm and Massachusetts-based Mascoma Corp. announced plans for a commercial-scale cellulosic ethanol plant using wood as the feedstock.
"Cellulosic is the next step in wide-scale ethanol production, and this puts Michigan on the leading edge of technology that will create good-paying jobs for Michigan citizens," Granholm said.
