Verenium Announces Collaboration with Edible Oil Leader Desmet Ballestra
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Agreement with second global engineering partner further extends Purifine® PLC potential market reach
CAMBRIDGE, Mass., Nov. 23, 2010 -- Verenium Corporation (Nasdaq: VRNM), a pioneer in the development and commercialization of high-performance enzymes solutions, today announced an agreement with Desmet Ballestra Group s.a., a leading global solutions provider in the field of engineering and delivery of installations and equipment for the edible oil and fats and biodiesel industries, to jointly market the Purifine enzymatic degumming process, which combines Verenium's Purifine® PLC enzyme and Desmet Ballestra's engineering services and equipment.
Under the terms of the agreement, Desmet Ballestra has a license to market Purifine® PLC packaged with its processing equipment and engineering services for processing vegetable oil for edible, biodiesel, and other non-edible uses. Verenium will sell Purifine® PLC directly to all customers, while supporting Desmet Ballestra's marketing efforts.
"Verenium is pleased to be working with Desmet Ballestra, a world leader in the engineering and construction of oil extraction and refining plants," said Janet Roemer, Verenium's President and Chief Operating Officer. "By entering into joint marketing agreements with leading engineering service firms like Desmet Ballestra, we are able to accelerate the growth of our Purifine® PLC product without incurring substantial incremental marketing expenses. I look forward to working with such an experienced and reputable player in the significant and growing edible oils industry."
"We are excited to partner with Verenium and to be able to market the Company's novel Purifine® PLC product in tandem with our leading engineering services to our customer base," said Olivier Hanne, Sales Director, Desmet Ballestra. "Desmet Ballestra's valuable international experience in the design, development and implementation of various process technologies for the edible and non-edible oil processing industries will greatly enhance Verenium's ability to further penetrate target markets with their leading enzymatic degumming technology."
About Purifine® PLC
Verenium's Purifine® PLC is a novel phospholipase C enzyme that is the key component of an improved degumming process for the refining of soybean oil and other high phosphorus vegetable oils. Purifine® PLC's enzymatic degumming process can significantly increase yields in edible oil production and can result in additional cost savings in refining the Purifine-degummed oil. Use of this enzymatic degumming product may also enhance yields of biodiesel from crude oil.
About Verenium
Verenium Corporation is a pioneer in the development and commercialization of high-performance enzymes for use in industrial processes. Verenium currently sells enzymes developed using its R&D capabilities to industrial customers globally for use in markets including grain and oilseed processing, biofuels, animal health and nutrition and other specialty industrial processes. Verenium has built a world-class R&D organization renowned for its capabilities in the rapid screening, identification, evolution and bioengineering of novel enzymes that act as catalysts for biochemical reactions. The company harnesses the power of nature and uses its unique, patented technology to create products that transform industries by maximizing efficiency while improving environmental performance. For more information on Verenium, visit www.verenium.com.
About Desmet Ballestra Group s.a.
Desmet Ballestra is a "Global Solution Provider," world leader in the field of engineering and delivery of installations and equipment for the edible oil and fats, animal feed, surfactants and detergent and biodiesel and oleochemical industries. The Desmet Ballestra Group has sales and engineering offices in 15 countries and a representation network in another 22 countries and has sold 5,700 plants in 148 countries worldwide. http://www.desmetballestra.com/
SOURCE Verenium Corporation
CONTACT:Kelly Lindenboom,Vice President,Corporate Communications,+1-617-674-5335,kelly.lindenboom@verenium.com,orSarah Carmody,Manager,Corporate Communications,+1-617-674-5357,sarah.carmody@verenium.com ,both of Verenium Corporation
Web Site: http://www.desmetballestra.com/
