Green Biologics secures major investment for development of US facility

Green Biologics, a UK-based technology developer and emerging bio-based C4 chemicals producer, has secured a £15.4 million (€18 million) investment which will allow them to begin executing plans to bring their first commercial production facility in the US on-stream in 2016.

The investment round is led by Sofinnova Partners with strategic participation by Swire Pacific. Follow on investments were also made by funds advised by Capricorn Venture Partners and Oxford Capital Partners and by Morningside Ventures and ConvergInce Holdings.

Denis Lucquin, managing partner at Sofinnova Partners says, 'Green Biologics has developed market leading technology for producing renewable n-butanol and acetone. This position, backed by an experienced management team and a clear path to profitability gives us confidence that Green Biologics can deliver exceptional added value to shareholders as well as to customers.'

Green Biologics also notes that, following on from the announcement on July 2nd of a Letter of Intent for Green Biologics to purchase the assets of Central MN Ethanol Co-op with the aim to retrofit the plant to produce renewable n-butanol and acetone for production in 2016, an asset purchase agreement has been executed and was approved by CMEC shareholders last month.

With existing ethanol capacity of 23 million gallons per year, the CMEC plant boosts the firm's position in the renewable chemicals market.