Global Bioenergies, the developer of a process to convert renewable resources into hydrocarbons through fermentation, has completed a private placement with qualified French and international investors. The Company has placed 640,00 new shares of a nominal unit value of €0.05, at a unit price of €16.00, inclusive of the share premium, for a total amount of approximately €10.25 million (US$11.7 million), representing 17.48% of the company’s share capital.
The proceeds will be used to complete the development and the industrialisation of the isobutene process, finance the detailed engineering studies of the IBN-One plant, launch the commercial roll-out and further diversify the raw materials available to the process.
Global Bioenergies 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 continues to improve the performances of its process, operates its industrial pilot, has started operations at its demo plant in Germany, and prepares the first full-scale plant through a Joint-Venture with Cristal Union, named IBN-One.