Green Biologics receives $76 million in financing

Green Biologics (GBL) has secured a total of $76 million (€65 million) in debt and equity financing.

The renewable chemicals company closed an internal follow-on equity round of $42 million co-led by Swire Pacific and Sofinnova Partners. Existing investors Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and ConvergInce Holdings, also participated in the round.

In addition to the $42 million internal equity round, an additional $34 million in funding was raised predominantly in debt financing from Tennenbaum Capital Partners (TCP), along with equity and debt investment rolled over by existing members of Central MN Ethanol Co-op in Central MN Renewables, a US affiliate of GBL. This $76 million financing follows GBL’s previous equity round of $25 million in December 2013, bringing GBL’s total fund raising to just over $100 million since late 2013.

On 23 December 2014, GBL announced the acquisition of the assets of CMEC, a 21 million gallon per year ethanol producer in Little Falls, Minnesota through its CMR affiliate. In addition to the acquisition, the proceeds of the round will be utilised by GBL to repurpose the Minnesota plant to produce n-butanol and acetone, along with funding GBL’s advanced technology process technology platform.

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