For Swire Pacific, this investment is a means of advancing its key sustainable development agenda. “Swire Pacific intends to build a portfolio of promising early stage sustainable technologies to develop and reach commercial scale,” says Philippe Lacamp, Swire Pacific’s Head of Sustainable Development. “The advancement of renewable chemical and biofuel technology is one of the priority areas for the portfolio. Along with our partner shareholders, we are delighted to be able to support and develop Green Biologics’ vision and proven capabilities.”
Founded in 2003, Green Biologics specialises in the manufacture of renewable C4 chemicals and advanced biofuels. The company’s core focus is n-butanol, a chemical precursor for paints, coatings, adhesives, inks, plastics, pharmaceuticals, food ingredients, household cleaners and personal care products. Green Biologics has developed advanced fermentation technology to produce renewable n-butanol from a wide range of second generation feed stocks, including organic residuals from the agricultural and forestry industries and municipal solid waste; the company is regarded as the global leader in this field.
Following on from the announcement on 2nd July 2013 of a Letter of Intent for Green Biologics Inc to purchase the assets of Central MN Ethanol Co-op (“CMEC”), an ethanol producer based at Little Falls, Minnesota, USA, the asset purchase agreement was executed and approved by CMEC shareholders on 27th November. With existing ethanol capacity of 23 million gallons per year, the CMEC plant will further boost Green Biologics’ strategic position in the renewable chemicals market.
Swire Pacific and lead investor Sofinnova Partners, a French venture capital company with expertise in clean energy and biotechnology, participated in the latest investment round in Green Biologics because of the company’s strong management, engineering and science teams and its clear and credible path to profitability. Says Philippe Lacamp: “Swire Pacific intends to leverage its existing international portfolio of businesses and industry networks to support Green Biologics’ product development, expansion, industry impact and commercial success.”
Additional investment partners include Capricorn Venture Partners, Oxford Capital Partners, Morningside Ventures and Convergence Holdings LLC.
