Global Bioenergies, an industrial biology company developing sustainable routes to light olefins (earlier post), carried out a capital increase of €3.04 million (US$3.8 million) on NYSE Alternext in Paris.
Based on the closing share price of €19.91 on 28 June 28th 2012 (last day of the subscription period), the company now has a market capitalization of ~€36 million (~US$45.3$).
This capital increase will allow Global Bioenergies to accelerate its development plan and in particular to:
Continue and accelerate the development phase of its isobutene process;
Complete the investments required for the installation of the laboratory pilot and to finance studies for the industrial pilot; and
Finance research on other molecules.
The construction of the industrial pilot will start mid-2013 ; this construction as well as the corresponding assays to be carried out subsequently will require an additional financing.
Global Bioenergies is developing a process to convert renewable resources into hydrocarbons through fermentation via a synthetic metabolic pathway. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers.
Global Bioenergies says it continues to improve the yield of its process and prepares the phase dedicated to pilot testing. The company is also looking to replicate this success with other members of the gaseous olefins family (propylene, ethylene, linear butylenes, butadiene…), key molecules at the heart of petrochemical industry.