PE-backed Global Bionenergies in €10m private placement

Alice Tchernookova
04 July 2017

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PE-backed listed company Global Bionenergies has completed a private placement of €10.25m provided by a mix of French and international investors.

Global Bioenergies placed 640,000 new shares for a total amount of approximately €10.25m, representing 17.48% of its share capital, the company said in a statement.

Co-founders Marc Delcourt and Philippe Marliere will each hold 8.34% of the share capital; existing backers Seventure Partners and CM-CIC Innovation are both reducing their stakes, from 18.30% to 15.58% for Seventure and from 9.92% to 9.82% for CM-CIC. New investor Keren will hold 4.95% of the share capital. Around 58% of the shares will remain in free float.

The proceeds will be used to complete the development and the industrialisation of Global Bioenergies' isobutene process, finance the detailed engineering studies of its IBN-One plant, and launch their commercial roll-out.

In 2015, the group recorded net losses of €10.4m, after which it launched a €6.5m capital increase in early 2016.

Previous funding
In 2009, Seventure injected €3.2m into Global Bionenergies. The company listed on the NYSE Alternext in Paris in 2011, raising €6.6m to support the development of its isobutene process. The same year, the firm received a €2.7m capital injection from raw chemicals manufacturer Synthos.

In 2013, BPI France committed an extra €5.3m through the Investissements d'Avenir Programme.

Still in 2013, Global Bioenergies raised €23m through the placement of 927,419 new shares. CM-CIC and Seventure were joined by other European investors as well as backers in the US. CM-CIC contributed €8.7m to the capital increase.

Company
Founded in 2008 and based in Evry, Global Bioenergies is developing a process to convert renewable resources into hydrocarbons through fermentation. The company initially focused on the production of isobutene, a petrochemical building block that can be converted into fuels, plastics, organic glass and elastomers.

People
CM-CIC Innovation – Karine Lignel (investment director).
Global Bioenergies – Marc Delcourt (CEO).