Green Biologics Ltd. a technology developer and emerging bio-based C4 chemicals producer, focused on renewable n-butanol, based near Oxford, UK announced today the closing of a £15.4 million ($25 million) Series B round led by Sofinnova Partners with strategic participation by Swire Pacific Limited. Follow on investments were also made by funds advised by Capricorn Venture Partners and Oxford Capital Partners and by Morningside Ventures and ConvergInce Holdings LLC.
“We are pleased to welcome Sofinnova Partners as our lead investor, and Swire Pacific as a new strategic investor, and we appreciate the continued support of our existing investors.” said Sean Sutcliffe, GBL Chief Executive, adding, “As well as bringing exceptional skills and experience from our new investors to accelerate the development of the company, this investment round underlines the strength of Green Biologics' commercial and technical position, and will allow us to execute our plan to bring on stream our first commercial production facility in the U.S. in 2016.”
Commenting upon the investment round, Denis Lucquin, Managing Partner at Sofinnova Partners said, “We are delighted to have led this major investment round. 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."
Philippe Lacamp, Head of Sustainable Development for Swire, adds, “Swire Pacific is committed to helping advance promising biofuel technologies by identifying high quality teams able to accelerate the use of renewable resources. Along with our partner shareholders, we are keen to support and develop Green Biologics’ vision and proven capabilities.”
Green Biologics Ltd. also noted that following on from the announcement on July 2nd of a Letter of Intent for Green Biologics Inc 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 has been approved by CMEC shareholders on November 27th, 2013. With existing ethanol capacity of 23MGPY, the CMEC plant boosts the firm’s strategic position in the renewable chemicals market.