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GLOBAL BIOENERGIES
Press Package
A breakthrough innovation to convert renewable resources
into hydrocarbons
Global Bioenergies is one of the few companies worldwide, and the only one in Europe,
developing a process to convert renewable resources into hydrocarbons through fermentation.
The Company’s most advanced program concerns the bio-production of isobutene, one of the most
important petrochemical building blocks that can be converted into fuels, plastics, organic glass and
elastomers. On the isobutene program, Global Bioenergies currently focuses on improving the yield
of its process and preparing forthe phase dedicated to pilot testing. At the same time, the Company is
working on replicating this success on other members of the gaseous olefins family (propylene,
ethylene, linear butenes, butadiene…), key molecules of the petrochemical industry.
Global Bioenergies is listed on NYSE Alternext Paris (FR0011052257 – ALGBE) and is part of the
NYSE Alternext Oseo Innovation Index.
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1. Our mission : another way to hydrocarbons
a. A breakthrough technology…
Global Bioenergies develops an industrial process for the conversion of renewable
resources into hydrocarbons. This process can use feedstock such as sugars, cereals,
agricultural and forestry wastes or carbon monoxide e.g. from steel mill exhaust gas or
municipal waste gasification. This feedstock is then used to produce isobutene from which
are derived fuels, plastics and elastomers such as those used in the production of tires.
Compared to other biomaterials and biofuels such as ethanol, these products are identical to
those produced from fossil oil and therefore 100% drop-in.
b. … which fits in with existing industrial infrastructures:
A new route to such a molecule, which is today obtained exclusively from fossil oil, allows
industrial continuity. Indeed, isobutene-derived fuels can be blended with fossil fuels at any
proportion. Therefore, today’s storage and distribution infrastructures are compatible with
these fuels and no further investment nor adaptation effort will be required from final
users. Moreover, the biological production of hydrocarbons alleviates all the limitations
associated with ethanol, a molecule corrosive for engines and pipelines which is both
difficult to stock and characterized by low energetic density.
c. Isobutene to start with…
Isobutene is a gaseous olefin entering the
production stream of various plastics,
organic glass (Plexiglass®), synthetic
rubber, lubricants and fuel additives. A
total of fifteen million tons are produced
each year from oil.
d. … followed by a promising workflow
In addition to the development and industrialization of the isobutene process, Global
Bioenergies aims at replicating this first success by applying the same method to the
production of other light olefins, the key building blocks of petro-chemistry.
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Global Bioenergies has IP and is working on another five light olefins:
An environmentally friendly process
Each kilogram of fossil oil used results in the emission of about 3.1kg of CO2 in the
atmosphere. On the other hand, the use of biologically produced hydrocarbons will allow a
significant reduction in greenhouse gas emissions. Indeed, whereas fossil hydrocarbons
follow a linear industrial route from the ground (as oil) and into the atmosphere (as CO2) via
a succession of rigs, refineries and end users, the route taken by biologically produced
hydrocarbons is cyclic. Atmospheric CO2 is taken-up by plants; plants are converted by
fermentation into hydrocarbons which are consumed by end users releasing the CO2 which
can then re-enter the cycle.
Thermochemical or
CO2
biological processes
Carbohydrates
Fuels and
polymers
Photosynthesis
Fuels and CO2
polymers
Fossil
resources
Reductions in greenhouse gas emissions will be comprised between 0 and 70% depending
on the plants used. It is important to note that, thanks to a simpler process which does not
require distillation, the emission reduction will be greater than for bioethanol.
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2. Targeting the huge market of the petrochemical
industry
The processes developed by Global Bioenergies are a solution to the decline of oil reserves
and favor the development of a sustainable industry based on renewable resources.
a. The light olefins market
Light gaseous olefins are the main building blocks for the production of plastics, elastomers,
fuel additives and a multitude of commodity and specialty chemicals. Together, these
hydrocarbons make up a market totaling over 300 billion dollars.
b. The isobutene market
15 million tons of isobutene are currently produced each year, representing a market of more
than 25 billion dollars. The product tree of isobutene encompasses applications in the fields
of fuels and commodity chemicals.
c. Focus on various isobutene applications
 Biofuels
Biofuels represent globally 44 million tons of oil equivalent1 (35 million tons from
bioethanol and 9 million tons from biodiesel) which represents a mere 1.1% of the 4,000
million tons of oil consumed each year. This means there is a huge potential for market
1
2008 numbers
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growth, and indeed the bioethanol market has doubled between 2003 and 2009. The
technological breakthrough brought forward by Global Bioenergies and the drop-in nature of
these new biofuels (no blending restrictions with conventional fuels, no need to modify
existing storage, transport and distribution infrastructures) will facilitate the expansion of
these markets.
 Synthetic rubber
Butyl-rubber is the main application of isobutene in the field of commodity chemicals. It is
the only gas-tight rubber and is used to manufacture balls and the inner chamber of all tires.
Approximately 900 thousand tons of high purity isobutene are consumed each year for the
production of butyl-rubber.
 Organic glass
The original processes developed for the production of organic glass (Plexiglass ®) used
acetone and cyanohydrin and therefore had large ecological footprints. Today, around 40% of
organic glass is produced from isobutene and requires around 400 thousand tons of
isobutene.
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3. Understanding the revolution in bio-production
a. A brief history of bio-production
For millennia, the sole product obtained in large quantities from sugar was alcohol.
The 20th century has witnessed the developmentof various bioprocesses allowing the
production of new compounds from sugars:
 n-butanol, a commodity chemical used as a solvent, has been produced in large
quantities by bacteria belonging to the Clostridrium genus.
 antibiotics, produced by fungi of the Penicillium genus,
 amino acids used as animal feed (threonine, lysine…),
 biodegradable plastics (PHA),
 citric acid.
These bioprocesses took advantage of fermentation by natural microorganisms, which were
then improved by classical iterative strain selection techniques.
Recent advances in genetic engineering have widened the scope of applications: through the
introduction of numerous genetic modifications, it is now possible to increase the production
of a targeted compound up tolevels compatible with its industrialization. Several companies
have therefore developed processes based on improvements of natural routes present in
organisms which initially produced low levels of the products of interest.
This approach to improve the existing biological pathways, although successful in many
cases, cannot be applied to the production of light olefins since microorganisms do not
produce light olefins in nature.
b. Global Bioenergies’ technological breakthrough
From day one on, Global Bioenergies’ objective has been the setting up of metabolic
pathways allowing the conversion of sugars into light olefins, a group of molecules up to
then unreachable through bio-production.
The initial “discovery” phase of the isobutene program, initiated in early 2009, was
completed mid-2010. It resulted in the discovery of the enzymes that compose the isobutene
biosynthesis pathway, each of them catalyzing previously undescribed reactions.
By delivering the proof of this concept, Global Bioenergies has opened new perspectives for
industrial biology, an industry destined to replace a significant part of the traditional
chemistry over the coming decades. Indeed, isobutene produced by Global Bioenergies’
process is of greater purity than the isobutene purified from oil refinery streams which
is contaminated by molecules similar in nature and therefore difficult to isolate. The high
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purity of biological isobutene allows us to improvethe quality of the derived products to
levels yet unseen in the field of polymers where isobutene purity is most critical.
This breakthrough technology is protected by a portfolio of several submitted patent
applications covering various aspects of the technology. The company is either co-owner or
exclusive licensee of these patents.
c. A competitive advantage
One key differentiation factor of Global Bioenergies resides in the gaseous nature of its
fermentation -- a more efficient method than traditional liquid fermentation.
Fermentation to a gaseous product presents two principal advantages:
- No product-associated toxicity is observed since the product does not accumulate in the
fermentation broth. This is critical as toxicity induced by the final product is one of the
main constraints limiting the development of bioprocesses. This difficulty is entirely
avoided thanks to the gaseous fermentation approach.
- Downstream purification efforts are dramatically reduced. This confers a major advantage
over the production of liquids such as bioethanol, which require an energy-intensive
additional step such as distillation or liquid from liquid extraction.
These advantages will result in reduced costs and an improved environmental balance, in
particular when compared to bio-ethanol, bio-isobutanol or bio-butanediol.
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4. Industrialization
a. Past progress
Founded in 2008, Global Bioenergies’ first challenge was to provide proof of concept for the
isobutene production process. With this task successfully accomplished, the company
released a first prototype in 2010.
Over the 2010 to 2011 period, Global Bioenergies has struck four industrial agreements and
successfully carried out its initial public offering on the NYSE Alternext.
In July 2012, the company initiated the first trials in a laboratory pilot, based on a larger scale
fermenter (42L) and in an environment more similar to industrial production. The next phase,
running from May 2013 till the end of 2014 will be dedicated to performing trials in the
industrial pilot. The commercial production of biological isobutene is scheduled to begin in
2017.
June 2012: - more than half of the development has been accomplished,
- beginning of industrialization: laboratory pilot, to be followed by
industrial pilot.
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b. Schedule
Development phases of the isobutene program
Several challenges remain to be overcome by Global Bioenergies:
 Developing and industrializing the isobutene process.
 Adapting the process to second generation feedstock: agricultural, forestry, domestic
and industrial wastes.
 Replicating the success on isobutene to the development of similar processes targeting
other olefins.
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5. Business model
a. Out-licensing the technology to industrialists
Global Bioenergies’ business model consists of granting exclusive licenses on defined
applications of a given light olefin (for example: bio-isobutene used to manufacture organic
glass), potentially limited to a particular market (for example: bio-isobutene used to
manufacture butyl-rubber for gas-tight chambers exclusive of the usage in balls). For fuel
applications, these licenses can possibly include a geographical aspect.
In general, licenses should be granted once the processes will have reached industrial scale
validation, which is foreseen for 2014. This will ensure negotiations are carried out under the
most beneficial circumstances.
Global Bioenergies intends to grant those licenses in exchange of the following payments::
 an upfront payment at the construction of each production site proportionally
corresponding to 10m€ per 100kt production capacity, and
 royalties on the value of the produced molecule (e.g. isobutene), comprised
between 2% (fuels) and 5% (commodity chemicals).
Discussions are ongoing with over one hundred industrialists from these four sectors.
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b. Four agreements already signed
Even before 2014, Global Bioenergies’ is open to granting license options. The idea is to
select one player in a given field, for whom an exclusive negotiation period is reserved until
the process has reached a pre-agreed development stage. Furthermore, such an option comes
along with an information right and a right of first offer.
Overall, four such deals have been signed. The first three do not entail a definitive transfer of
exploitation rights, in accordance with Global Bioenergies’ model for the isobutene program
which does not foresee such licenses before 2013.
Partner Object
Big American industrialist (USA) Granting a license option.
Collaboration agreement to strengthen
German car manufacturer their sustainable development activities.
Feasibility study regarding the bio-
LanzaTech (New Zealand) production of isobutene from carbon
monoxide.
The readiness of major industrial groups to contribute to the Company’s development in
exchange of well limited rights confirms their strong interest in the process even before its
industrialization.
The Company has also signed an agreement of a different nature with the Polish industrial
group Synthos. Given that Global Bioenergies wanted to reserve the funds raised during the
IPO in June 2011 principally for the development of the isobutene process, all R&D
programs targeting other light olefins had to principally rely on alternative financing. The
agreement signed with Synthos in July 2011 has allowed the financing of a new program
dedicated to the biological production of butadiene. This early-stage funding was agreed
upon in exchange for the definitive concession (subject to future payments) of rights on some
of the bio-butadiene applications. Rights for the other applications remain with Global
Bioenergies.
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6. Financial profile
a. Financing
A first round of financing was completed In June 2011, the company carried out an
by Global Bioenergies in February 2009 IPO on NYSE Alternext in Paris, resulting
and resulted in raising 3.2 million euros in a capital increase of 6.6 million euros.
from Masseran Gestion (now Seventure
Overall and since its founding, Global
Partners, subsidiary of Natixis), the capital
Bioenergies has collected a total of 14
risk arm of Caisse d’Epargne (now BPCE).
million euros in successive rounds of
capital increases.
On December 31st 2011, the Company’s
shareholders’ equity amounted to 6.1
million euros.
During the 6 month period from July to
December 2011, Global Bioenergies had
operational charges of 1.8 million euros.
The Company’s current cash and
equivalents correspond to a visibility of
more than a year.
b. The shareholders
The Company had been founded by Marc The two founders still have a strong
Delcourt and Philippe Marlière in equal presence in the capital. Their shares
shares. Masseran Gestion, the historical represent the essential part of their wealth
investor, today owns 39.9% of the and it is therefore expected that they would
Company and, in principal, is not supposed actively defend the valuation of the
to undertake an exit in the near future since Company.
the invested funds are still “young”.
The 20.4% free-float contains the
investment of two industrialists, Cristal
Union and Synthos. The “active” free-float
therefore corresponds to only 12.9%,
which explains the weak liquidity on the
stock market.
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7. Founders
Dr. Marc Delcourt, Chairman of the Board,
CEO and Cofounder: After his scientific
training (Ecole Normale Supérieure, PhD in
Molecular Biology in Canada), Marc Delcourt
turns towards R&D activities in the field of
bioprocesses and founded in 1997 the
industrial biotech company Biométhodes. He
left Biométhodes in 2008 to found Global
Bioenergies.
Dr. Philippe Marlière, scientific cofounder,
had set up one of the first synthetic biology
groups in the world in the 1990s. He has since
pursued his scientific work in biotechnology
companies that he has founded or cofounded.
Philippe leads Global Bioenergies’ Scientific
Advisory Board.
Contacts
GLOBAL BIOENERGIES
Marc DELCOURT – CEO
Liliane BRONSTEIN – CFO
Courriel : invest@global-bioenergies.com
Tel: + 33 (0) 1 64 98 20 50
Press package September 2012