| FOR IMMEDIATE RELEASE | 3 December 2013 |
Swire Pacific Limited (HKEX: 00019/00087) has today announced its participation in a US$25 million B-series investment round in Green Biologics Limited ("Green Biologics") - an emerging biotechnology developer based near Oxford in the UK.
For Swire Pacific, this investment is a means of advancing its key sustainable development agenda. "Swire Pacific intends to build a portfolio of promising early stage sustainable technologies to develop and reach commercial scale," says Philippe Lacamp, Swire Pacific's Head of Sustainable Development. "The advancement of renewable chemical and biofuel technology is one of the priority areas for the portfolio. Along with our partner shareholders, we are delighted to be able to support and develop Green Biologics' vision and proven capabilities."
Founded in 2003, Green Biologics specialises in the manufacture of renewable C4 chemicals and advanced biofuels. The company's core focus is n-butanol, a chemical precursor for paints, coatings, adhesives, inks, plastics, pharmaceuticals, food ingredients, household cleaners and personal care products. Green Biologics has developed advanced fermentation technology to produce renewable n-butanol from a wide range of second generation feed stocks, including organic residuals from the agricultural and forestry industries and municipal solid waste; the company is regarded as the global leader in this field.
Following on from the announcement on 2nd July 2013 of a Letter of Intent for Green Biologics Inc to purchase the assets of Central MN Ethanol Co-op ("CMEC"), an ethanol producer based at Little Falls, Minnesota, USA, the asset purchase agreement was executed and approved by CMEC shareholders on 27th November. With existing ethanol capacity of 23 million gallons per year, the CMEC plant will further boost Green Biologics' strategic position in the renewable chemicals market.
Swire Pacific and lead investor Sofinnova Partners, a French venture capital company with expertise in clean energy and biotechnology, participated in the latest investment round in Green Biologics because of the company's strong management, engineering and science teams and its clear and credible path to profitability. Says Philippe Lacamp: "Swire Pacific intends to leverage its existing international portfolio of businesses and industry networks to support Green Biologics' product development, expansion, industry impact and commercial success."
Additional investment partners include Capricorn Venture Partners, Oxford Capital Partners, Morningside Ventures and Convergence Holdings LLC.
About Green Biologics Limited
Green Biologics Limited is a UK-based industrial biotechnology company with offices and laboratories in Milton Park, Abingdon, Oxfordshire. Green Biologics' US offices are based in Gahanna, Ohio, where it also maintains laboratories and pilot facilities. Green Biologics specialises in the manufacture of renewable C4 chemicals and advanced biofuels and operates globally in Europe, North America, Mainland China, India and Brazil. For more information, please visit www.greenbiologics.com
About Swire Pacific Limited
The Swire group was founded in Liverpool in 1816. The group's interests span five continents, with principal operations in the Asia Pacific region, centring on Greater China, with additional major interests in UK, USA, East Africa, Sri Lanka, Papua New Guinea and Australia. Swire Pacific is one of Hong Kong's blue chip publicly quoted companies and was formed in 1974 from an existing publicly listed Swire entity, as the holding company for the Swire group's principal businesses in Hong Kong, Mainland China, Taiwan, Singapore and elsewhere. Swire Pacific's interests are grouped under five divisions: Property, Aviation, Beverages, Marine Services and Trading & Industrial. The company is the major shareholder in three other Hong Kong public companies: Swire Properties, Cathay Pacific Airways and Hong Kong Aircraft Engineering Company (HAECO). Cathay Pacific and HAECO act as holding companies for Swire Pacific's other Aviation Division businesses. Its Industrial interests range from paint manufacturing to sugar packaging and distribution for historic brand Taikoo Sugar, established by Swire in 1881. For more information, please visit http://www.swirepacific.com
About Sofinnova Partners
Sofinnova Partners is an independent venture capital firm based in Paris, France, which invests in Life Sciences (biopharmaceuticals/biotech, medical devices and industrial biotechnology) and in Clean Energy. With £á1.3 billion of funds now under management, over the past 40 years, Sofinnova Partners has created market leaders with its experienced, hands-on approach in building portfolio companies through to exit. For more information, visit www.sofinnova.fr
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