Global Bioenergies completes €14.5 million fundraising

Global Bioenergies completes €14.5 million fundraising
Global Bioenergies is a leader in industrial biotechnology developing a process to convert renewable resources into hydrocarbons through fermentation.

PARIS, FRANCE: Global Bioenergies announced successful completion of its capital increase for a total amount of €14.5 million, without preferential subscription rights for shareholders in favor of institutional investors for €13.5 million and of retail investors via the PrimaryBid platform for €1 million.

Samuel Dubruque, Chief Financial Officer, said: “We now have €21.2 million cash in hands, which gives us visibility beyond the first semester of 2023.

This transaction brings us renowned investors, French and European, convinced of the interest of the path in which we are engaged.

We are pleased to have been able to involve retail investors in this offering, which are becoming increasingly numerous among the Company’s shareholders, and whose participation exceeded expectations. We thank all of the Company’s shareholders who support Global Bioenergies’ purpose through their trust and commitment.”

As a reminder, the purpose of the Offering is to provide the Company with the means to:

  • continue the commercial development, finish the construction, start the industrial production and finance the working capital requirements of the Pomacle-Bazancourt unit: production of biosourced isododecane intended for the niche make-up market (for approximately 50% of the funds raised by the Offering);
  • conduct the engineering work and roll out the projected plant, which in 2024 will produce at the scale of 1,000 tons to supply the larger skincare and haircare markets (for approximately 25% of the funds raised by the Offering);
  • pursue R&D efforts aimed at reducing the operating cost of the process for a use in commodity and sustainable aviation fuel applications within five years, and diversify commercial opportunities (for approximately 25% of the funds raised by the Offering).

www.global-bioenergies.com

About the author

Leave a Reply

Your email address will not be published.