Abingdon: Green Biologics secures $76m in debt and equity financing
Green Biologics (GBL) – a renewable chemicals company based in Abingdon and with a wholly-owned US operating company, Green Biologics Inc, based in Ohio – has announced the closing of an internal follow-on equity round of $42 million co-led by Swire Pacific and Sofinnova Partners.
GBL’s Clostridium fermentation platform converts a wide range of sustainable feedstocks into high-performance green chemicals such as n-butanol, acetone, and through chemical synthesis, derivatives of butanol and acetone used by a growing global customer base.
Existing investors Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and ConvergInce Holdings, LLC, also participated in the round.
In addition to the $42m internal equity round, an additional $34 million in funding was raised predominantly in debt financing from Tennenbaum Capital Partners (TCP), along with equity and debt investment rolled over by existing members of Central MN Ethanol Co-op LLC in Central MN Renewables LLC, a US affiliate of GBL.
This $76m financing follows GBL’s previous equity round of $25m in December 2013, bringing GBL’s total fund raising to just over $100m since late 2013.
