Green Biologics secures $76M in financing; repurposing MN ethanol plant for n-butanol and acetone
22 January 2015
Green Biologics (GBL) closed an internal follow-on equity round of $42 million co-led by Swire Pacific Limited and Sofinnova Partners. Existing investors Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and ConvergInce Holdings, LLC also participated in the round. In addition to the $42-million internal equity round, an additional $34 million in funding was raised predominantly in debt financing from Tennenbaum Capital Partners (TCP), along with equity and debt investment rolled over by existing members of Central MN Ethanol Co-op LLC (CMEC) in Central MN Renewables LLC (CMR), a US affiliate of GBL.
This $76-million financing follows GBL’s previous equity round of $25 million in December 2013, bringing GBL’s total fund raising to just over $100 million since late 2013.
On 23 December 2014, GBL announced the acquisition of the assets of CMEC, a 21-million gallon per year ethanol producer in Little Falls, Minnesota through its CMR affiliate. In addition to the acquisition, the proceeds of the round will be utilized by GBL to repurpose the Minnesota plant to produce n-butanol and acetone, along with funding GBL’s advanced technology process technology platform.
Green Biologics Ltd (GBL) is a renewable chemicals company based in Abingdon, England with a wholly owned US operating company, Green Biologics Inc., based in Gahanna, Ohio. GBL’s Clostridium fermentation platform converts a wide range of sustainable feedstocks into green chemicals such as n-butanol, acetone, and through chemical synthesis, derivatives of butanol and acetone used by a growing global consumer and industrial products customer base.