Global Bioenergies gets new funding of EUR1.17 million

Global Bioenergies gets new funding of EUR1.17 million Global Bioenergies has received a new payment of EUR1.17 million as part of the partnership with Synthos, which was initiated in 2011.

The payment follows the EUR 1.5 million received for the successful completion of the first phase of the butadiene programme in December 2012.

The partnership with Synthos aims at developing a biological process for the production of butadiene, a key molecule to manufacture synthetic rubbers.

Marc Delcourt, CEO of Global Bioenergies, said, “The successful completion of the first phase of our partnership with Synthos represented a milestone in the development of the company. It has demonstrated our ability to reproduce the synthetic biology approach first used for isobutene, and regarded as a breakthrough innovation in 2010. Global Bioenergies now has a pipeline of processes under development.”

“EUR 0.28 million are accounted for under the revenues of the second half-year 2012 which, in total, amount to EUR1.78 millio, “, he added.

Meanwhile, Liliane Bronstein, CFO of Global Bioenergies, said, “The revenues exceed EUR1 million for the first time and have covered an important part of the expenses of the second half-year 2012.”

The Global Bioenergies and Synthos tie up is based on sharing exploitation rights. Synthos holds exclusive rights on the conversion of glucose into butadiene for rubber applications, on which Global Bioenergies will be entitled to receive royalty payments.

Global Bioenergies holds the rights for all other applications of butadiene such as nylon, as well as specific types of plastics and latex, on which the company is free to establish additional industrial agreements.