Green Biologics Secures $76 Million in Financing for Production of Renewable Chemicals
GAHANNA, OH/ALINGTON, UK – Green Biologics (GBL) announced the closing of an internal follow-on equity round of $42 million co-led by Swire Pacific Limited and Sofinnova Partners. Existing investors Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and ConvergInce Holdings LLC also participated in the round.
In addition to the $42 million internal equity round, an additional $34 million in funding was raised predominantly in debt financing from Tennenbaum Capital Partners, along with equity and debt investment rolled over by existing members of Central MN Ethanol Co-op LLC in Central MN Renewables LLC, a U.S. affiliate of GBL. This $76 million financing follows GBL’s previous equity round of $25 million in December 2013, bringing GBL’s total fund raising to just over $100 million since late 2013.
On December 23, 2014, GBL announced the acquisition of the assets of CMEC, a 21 million gallon-per-year ethanol producer in Little Falls, MN, through its CMR affiliate. In addition to the acquisition, the proceeds of the round will be utilized by GBL to repurpose the Minnesota plant to produce n-butanol and acetone, along with funding GBL’s advanced technology process technology platform.