Biofuel technology company Green Biologics has secured nearly £5 million in funding to accelerate the commercialisation of its products.
Biofuel technology company Green Biologics has secured nearly £5 million in funding to accelerate the commercialisation of its products.
Sean Sutcliffe, chief executive of Green Biologics, says, ‘Funds raised will allow us to accelerate our commercialisation programme in our key markets of China, India, Brazil and the US, by providing customers with retrofit packages to convert ethanol plants to bio-butanol and with fermentation and process technology solutions for existing and new build bio-butanol plants.’
The fundraising of £4.9 million was led by new backer Capricorn Venture Partners, investing from its Capricorn Cleantech Fund. All Green Biologics’ existing investors also participated: Morningside Ventures, Carbon Trust Investment and Oxford Capital Partners, as well as management and founder investors.
As part of the deal, Claude Stoufs, senior investment manager at Capricorn Venture Partners, and David Brister, operating partner at Oxford Capital Partners, are joining Green Biologics’ board.
Adds Sutcliffe, ‘We welcome the additional skills and experience brought to the board by Claude Stoufs, who has a degree in chemistry and over 30 years of technology development expertise, and by David Brister, who has a degree in genetics and zoology and over 20 years of involvement in the successful start up and development of commercial businesses.’
Green Biologics was advised on the fundraising by London-based investment bank First Capital and law firm WilmerHale, while Capricorn and the other investors were assisted by solicitors Brown Rudnick.
Based near Oxford, Green Biologics provides technology for the production of renewable butanol and other chemicals from waste and agricultural by-products.
