Completion of the first key step of the joint Global Bioenergies, IBN-One, Cristal Union and L’Oréal project
Performance levels achieved that will allow high value-added markets to be exploited
€1 million payment from ADEME received by Global Bioenergies – forecasted cash position expected to exceed €11 million at the start of the next half-year
Evry (France), 21 June 2018 – Global Bioenergies (Euronext Growth Paris: ALGBE) announced that it had today received a payment of €1 million from ADEME, which operates the Investissements d’Avenir programme on behalf of the French government. This payment follows improvements in the process’s performance levels and the completion of a key step.
The ISOPROD project has the following objectives:
– the adaptation of the Isobutene process to sugar refinery residues;
– the engineering for the first plant carried by IBN-One, the joint venture between Global Bioenergies and Cristal Union; and
– the validation of bio-isobutene derivatives in the fuel and cosmetics sector.
Bernard Chaud, Director of Industrial Strategy at Global Bioenergies, stated: “The process has achieved a level of performance that from now on would allow its exploitation in a full-scale plant to be competitive in a number of high value-added markets, such as cosmetics.”
Xavier Astolfi, Deputy CEO of Cristal Union explained: “Global Bioenergies’ process allows biofuels and biosourced materials to be produced in a more virtuous way, that is to say by using local resources in accordance with methods complying with European biofuels regulations and by having an excellent environmental benefit”.
Marc Delcourt, CEO of Global Bioenergies, concluded by saying: “The completion of this key step is a reflection on the major progresses recently achieved in adapting our Isobutene process to sugar refinery residues. This payment from ADEME adds to the grant prepayment of the four new European projects recently announced. Recovering the government R&D tax credit on the short term will bring our (unaudited) cash position to more than €11 million”.
About GLOBAL BIOENERGIES
Global Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the performance of its process, to operate its demo plant in Germany, and to prepare the first full-scale plant through a joint venture with Cristal Union, named IBN-One. Global Bioenergies is listed on Euronext Growth Paris (FR0011052257 – ALGBE).
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