Global Bioenergies will soon be receiving €2.6 million and IBN-One €0.5 million in the form of repayable advances, following last July’s achievement of a technical and financial milestone in the ISOPROD project funded by the French Environment and Energy Management Agency (ADEME), which involves Global Bioenergies, Cristal Union and L’Oréal around the IBN-One first plant project. (Earlier post.)
Financing a first of its kind plant, based on an innovative technology is always a challenge. Progress in engineering and forecasted prices for our products now higher than initially anticipated are fueling our optimism regarding the plant’s financing within the new schedule.—Marc Delcourt, CEO of Global Bioenergies
Global Bioenergies has developed a conversion process based on fermentation for renewable resources (residual sugars, agricultural and forestry waste) into isobutene, one of the petrochemical building blocks that can be converted into ingredients for cosmetics, gasoline, kerosene, LPG and plastics.
Global Bioenergies and Cristal Union created the joint venture IBN-One. IBN-One was granted a license on Global Bioenergies’ process and its purpose is to finance, build and operate the first renewable isobutene plant in France.
Letters of Intent representing more than 50,000 tonnes of products from IBN-One have been received from large industrial actors from various sectors: cosmetics, specialty fuels, aviation fuels and automotive fuels among others.
Anchored on high value add markets, this first plant would be highly profitable. In its nominal scenario, this one plant would enable Global Bioenergies to reach profitability via a mixed flow of licensing fees and dividends.
Global Bioenergies continues to improve the performance of its process, conducts trials on its demo plant in Germany and is preparing the first full-sized plant in its JV with Cristal Union.