BOSTON (MarketWatch) -- Shares of Verenium Corp. were up 50% at $3.03 in midday trading, fueled by news that the biotech-based biofuels group has entered into a partnership with energy giant BP plc to accelerate the commercialization of cellulosic ethanol. Under the deal, BP will pay Verenium $90 million over the next 18 months for the rights to Verenium's cellulosic ethanol production technology. BP will in turn leverage its operational capabilities to develop commercially-viable cellulosic ethanol plants in the U.S. and possibly overseas. As opposed to fuels such as corn-based ethanol, cellulosic ethanol is derived from non-food crops and agricultural waste. Verenium's stock price has been battered over the past several months as a result of the ongoing debate about the commercial viability of ethanol. ...
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