Green Biologics Ltd. Generates US$76 million to Increase Production
Published By : 21 Jan 2015 | Published By : QYRESEARCH
A U.K. based company, Green Biologics Ltd., which manufactures chemicals from sugar cane and agricultural waste, raised US$76 million to increase production that includes converting a Minnesota ethanol plant to manufacture acetone and butanol.
Green Biologics, which is based in Oxfordshire, stated in a statement on Wednesday that it is getting US$42 million in equity, led by Sofinnova Partners and Swire Pacific Ltd., and US$34 million in debt financing, which is led by Tennenbaum Capital Partners, Green Biologics had raised about US$25 million in December 2013.
The recent most funding will help in supporting the acquisition of a 21 million gallon per year ethanol plant in Minnesota that is being renovated to manufacture butanol and acetone, initiating next year, Mr. Sean Sutcliffe, the chief Executive Officer, stated in a phone interview Tuesday. The company already has manufactured chemicals at smaller facilities.
Sutcliffe stated that this is the 3rd stage in the procedure to commercialize the technology, having verified it at pilot scale and demo scale.
Green Biologics has a pilot production unit in Ohio and a demonstration unit in Iowa. Butanol is utilized in perfumes and paints, while acetone is used as a component in rubbing alcohol.
Green Biologics utilizes feed stocks that include sugar cane and corn waste to manufacture chemicals, which can be used in customer products and bio-fuels. The company manufactured around 300 tons of butanol the previous year in China in partnership, Sutcliffe stated.
He also stated that they have had good feedback from consumers in paints, perfumes, coatings, and other applications where they have bought their renewable butanol, which is made in China. The core market for them is renewable chemicals. Fuels are the market in the longer term.