UK-based renewable chemicals producer Green Biologics raised $76m in debt and equity yesterday, with conglomerate Swire Pacific co-leading the $42m equity portion.
The series C equity portion was co-led by Sofinnova Partners and also included Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and Convergince Holdings.
Most of the remaining $34m consisted of debt financing from Tennenbaum Capital Partners, while some equity and debt was rolled over by Central MN Renewables, which is a US-based affiliate of Green Biologics, and Central MN Ethanol Co-op.
Founded in 2003, Green Biologics uses a fermentation platform to convert sustainable feedstocks like wood, corn and sugar waste into chemicals such as butanol and acetone, to be used by consumer and industrial companies.
Swire, Sofinnova, Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and Convergince previously provided $25m for Green Biologics in December 2013. The company had earlier raised $6.1m in 2010, and $3.2m in 2007.
Sean Sutcliffe, CEO of Green Biologics, said: “Our objective since last year has been to demonstrate our technology and secure our first US commercial plant in Minnesota, and raise the necessary capital to repurpose the plant to begin production of renewable nbutanol and acetone for our customers – this financing sets us squarely on our course.”