The round was led by Capricorn Venture Partners, a new investor in GBL through its Capricorn Cleantech Fund, and included participation by all GBL’s existing institutional investors - Morningside Ventures, Carbon Trust Investment Limited and Oxford Capital Partners - as well as by management and founder investors.
Based near Oxford, GBL provides technology, based on advanced fermentation biotechnology, for the production of renewable butanol and other chemicals from waste and agricultural byproducts.
GBL supplies bio-butanol retrofit technologies for existing bio-butanol and bioethanol plants, as well as technology and plant designs for advanced new-build bio-butanol plants. Its key markets are China, India, Brazil and the US.
Claude Stoufs, senior investment manager for Capricorn Venture Partners, said: ‘We anticipate that GBL will be the first company in the world having its advanced proprietary industrial fermentation technology being used at full industrial scale to produce bio-butanol at competitive prices compared to butanol obtained by the petroleum-based oxo process.’