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Global Bioenergies receives €1.17M payment; 2H12 revenues of €1.78M
14 February 2013
Global Bioenergies, a France-based startup developing a process to convert renewable resources into hydrocarbons through fermentation, has received a new payment of €1.17 million (US$1.6 million) as part of the partnership initiated in 2011 with Synthos. (Earlier post.) The partnership with Synthos aims at developing a biological process for the production of butadiene, a key molecule to manufacture synthetic rubbers.
This payment follows the €1.5 million (US$2 million) received for the successful completion of the first phase of the butadiene program in December 2012.
The successful completion of the first phase of our partnership with Synthos represented a milestone in the development of the company. It has demonstrated our ability to reproduce the synthetic biology approach first used for isobutene, and regarded as a breakthrough innovation in 2010. Global Bioenergies now has a pipeline of processes under development.—Marc Delcourt, CEO of Global Bioenergies
Of the €1.17 million received, €0.28 million are accounted for under the revenues of the second half-year 2012 which, in total, amount to €1.78 million euros (unaudited).
The partnership between Global Bioenergies and Synthos is based on sharing exploitation rights: Synthos holds exclusive rights on the conversion of glucose into butadiene for rubber applications, on which Global Bioenergies will be entitled to receive royalty payments. Global Bioenergies holds the rights for all other applications of butadiene such as Nylon as well as specific types of plastics and latex, on which the company is free to establish additional industrial agreements.
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