Diversa and Celunol become Verenium

Diversa and Celunol have completed their previously-announced merger, combining to form a new entity named Verenium Corporation (see Greentech investors feel the love) and changing its NASDAQ ticker symbol from DVSA to VRNM, effective today.

The company claims to possesses a growing portfolio of specialty enzyme products and "unique technical and operational capabilities."

Verenium's nearest-term focus is large scale commercial production of cellulosic ethanol derived from multiple biomass feedstocks, the company said in a statement.

"After several months of diligent integration planning between the two companies, we are excited to become a single organization and are confident that the transaction represents a unique opportunity for our partners, employees, and shareholders," said Carlos A. Riva, President and Chief Executive Officer of Verenium.

"Verenium is now positioned to be a vertically-integrated leader in the rapidly-evolving worldwide biofuels industry through the unique combination of assets, technologies, and personnel."

Verenium claims to be the only company to offer fully integrated, end-to-end capabilities in pre-treatment, novel enzyme development, fermentation, engineering and project development.

It has a 1.4 million gallon-per-year demonstration scale facility under construction to produce cellulosic ethanol from sugarcane bagasse and specially-bred energy cane, in addition to a portfolio of commercialized industrial enzyme products.

As of March 31, 2007, the company had cash, cash-equivalents and short-term investments on hand of approximately $125.5 million.

That, together with approximately $20 million received in early April, should be sufficient to fund operations through at least 2008, executives estimate.

The company will be headquartered in Cambridge, Massachusetts and have research and operations facilities in San Diego, California; Jennings, Louisiana; and Gainesville, Florida.

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