UK-based Green Biologics (GBL) has completed an investment round of £4.9 million (US$7.2 million) to support the roll out of its cellulosic biobutanol technology and commercialization plans. (Earlier post.)
Using a library of thermophiles and thermostable enzymes, GBL has isolated a cocktail of thermophilic microorganisms for the rapid enzymatic hydrolysis and release of fermentable sugars from biomass. The company is integrating this patented hydrolysis technology with a proprietary butanol fermentation process.
The round was led by Capricorn Venture Partners, a new investor in GBL through its Capricorn Cleantech Fund, and included participation by all GBL’s existing institutional investors—Morningside Ventures, Carbon Trust Investment Limited and Oxford Capital Partners—as well as by management and founder investors.
Claude Stoufs, Senior Investment Manager at Capricorn Venture Partners, and David Brister, Operating Partner at Oxford Capital Partners, join the Board of GBL as part of this transaction.
Funds raised will allow us to accelerate our commercialization program in our key markets of China, India, Brazil and the US, by providing customers with retrofit packages to convert ethanol plants to biobutanol and with fermentation and process technology solutions for existing and new build biobutanol plants. It will also allow us to continue to invest in our technology development programme to reduce the production cost of biobutanol from agricultural by-product and waste feedstocks for the advanced biofuel market.
—Sean Sutcliffe, GBL Chief Executive