24. Jul 2019
After a detailed review, the board of Green Biologics Limited (GBL) has concluded that it is not possible to secure funding to enable it to continue with its plan to build up sales and production levels of renewable butanol and acetone at the Group’s Little Falls, Minnesota plant to the point of cash break-even.
The Little Falls plant is a wholly owned subsidiary of the Abingdon, England-based renewable specialty chemicals company, which has its sales and marketing headquarters in Medina, Ohio.
Green Biologics issued the following corporate statement:
“Accordingly, given this withdrawal of financial support, the Board and Managements of its subsidiary companies, Green Biologics, Inc., and Central Minnesota Renewables LLC have commenced an orderly closure of operations and wind-down of those corporations for and subject to any actions by their creditors. In the short term the Board of GBL will be considering strategic options for the future of GBL.”
Green Biologics aims to transform the global specialty chemicals market, providing its customers with products and technologies that are more sustainable and higher value than petroleum-based alternatives.
The company has developed a Clostridium fermentation platform that converts a wide range of sustainable feedstocks into high performance green chemicals such as n-butanol, acetone, and through chemical synthesis, derivatives of n-butanol and acetone used by a growing global consumer and industrial products customer base in numerous markets including Coatings, Pharmaceuticals, Textiles and Cosmetics. The platform combines advanced high productivity fermentation with superior-performing proprietary Clostridium microbial biocatalysts and synthetic chemistry to produce a pipeline of high value green chemicals with optimal performance in downstream formulations.