Global Bioenergies (Paris:ALGBE) announces today having reached the main milestone in a license option signed in 2010 with a Fortune 500 US-based industrialist.
In December 2010, Global Bioenergies had signed a license option agreement with a large US-based industrial group. According to the terms of this agreement, a license option was granted to the industrialist for a maximum of three years. If, during these three years, a specific technical milestone in the development of the isobutene program was hit by Global Bioenergies, the industrialist could trigger entering into an exclusive negotiation period for a follow-on contract on a specific application of Global Bioenergies’ bio-isobutene process.
Global Bioenergies today announces that the milestone has been reached and that its partner has decided to enter into negotiations for a license agreement.
Thomas Buhl, Head of Business Development at Global Bioenergies, states: “Two elements have certainly played a key role in our partner’s decision to exercise its option: firstly the ability for our partner to gain in-depth knowledge of our technology throughout our collaboration, and secondly the success of our recent €23m (~ 30m$) capital increase to fund the industrialization phase of the bio-isobutene process. The discussion is now open to determine whether our respective strategies regarding exploitation of the technologies can be aligned.”
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 yield of its process and prepares the phase dedicated to industrial pilot testing. The company recently replicated this success to propylene and butadiene and is also looking to continue with other members of the gaseous olefins family, key molecules at the heart of petrochemical industry.