In return, Verenium will receive a $98.3 million payment from BP. An additional $10.7 million currently in restricted cash will be released to Verenium upon BP’s assumption of the lease for our San Diego facility. After the close of the transaction, Verenium will retain our core commercial enzyme business, which will include approximately 80 of our 270 current Verenium employees who we believe make up the right team to support our business plan moving forward.
Select key hires have been identified to round out the team and we anticipate recruiting for those roles through 2011. We will also retain the supporting technology required to further develop our business, including enzymes for lignocellulosic biofuels as well as the potential to access certain biofuels applications developed by BP using the technology acquired from Verenium. And lastly, we will retain the option to remain in our San Diego facility over the next 24 months while we transition to new fit-for-purpose facility.
We believe firmly that the sale of capital intensive cellulosic biofuels business is the best path forward for Verenium and its stakeholders. This transaction provides us the financial flexibility to focus on what we do best, delivering high performance industrial enzymes to lucrative and growing markets.
In addition, Verenium will retain ownership of or royalty-free access to all the intellectual property we currently use in our commercial enzyme business. Finally, we may retain the option to license cellulosic technology now being developed by BP that the company may utilize in the future for its own advanced biofuels program.Read the rest of this transcript for free on seekingalpha.com