BioFuels Journal

January 21, 2015 — Green Biologics Ltd. ("GBL"), a UK based industrial biotechnology and renewable chemicals company, announced today the closing of a $42 million follow-on equity funding round co-led by existing investors Swire Pacific Limited and Sofinnova Partners.

Additionally, in conjunction with the closing of the Central MN Ethanol Co-op ("CMEC") acquisition, certain CMEC shareholders elected to receive their sale proceeds in a debt and equity investment into Central MN Renewables LLC ("CMR") through a new surviving entity, Renewable Partners LLC.

Ocean Park Advisors ("OPA") acted as financial advisor to CMEC on the CMR consideration election structuring and process.

GBL previously announced the acquisition of the assets of CMEC, a 21 MGPY ethanol plant in Little Falls, Minnesota through its CMR subsidiary on December 23, 2014.

It plans to repurpose the plant to produce renewable normal butanol (n-butanol), acetone and related co-products in 2016, but will continue to operate as an ethanol plant until construction and repurposing are completed.

"We are extremely pleased with the successful funding round from our existing investors as well as from our new investors and partners, including the shareholders of CMEC," said Green Biologics CFO Tom Grote.

"The OPA team played an instrumental role in negotiating and structuring the agreements that facilitated CMEC's investment as well as communicating the new option to remain as an investor in the new project company.

"This debt and equity investment in CMR provides us with the necessary capital to implement the repurposing of the CMR plant."

Dana Persson, CMEC CEO, remarked, "CMEC was well represented with OPA in its corner throughout the entire process.

"There were various agreements to be negotiated between the parties and the OPA team brought invaluable expertise and provided excellent advice in structuring the option of investment for our shareholders."

As part of the GBL Series B funding round, a follow-on investment was also made by Capricorn Venture Partners, Oxford Capital Partners, Morningside Technology Partners and ConvergInce Holdings LLC.

The equity round was complemented by additional new debt financing by Tennenbaum Capital Partners, LLC (TCP), bringing the total funding of the round to $76 million.

This follows GBL's Series B round of $25 million in December 2013, bringing the total financing since late 2013 to $100.2 million.

Mark Fisler, Ocean Park Managing Director, commented, "We are delighted with the outcome of this transaction and look forward to the leadership role that Green Biologics will play as a global leader in renewable chemicals.

"In addition, we are pleased that we were able to structure the option for the CMEC founding shareholders to remain an investor in this exciting proposition."

For more information, please contact Mark Fisler at 310-670-2704 or mfisler@oceanpk.com

See Related Websites/Articles:

• Ocean Park Advisors
• Green Biologics

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