Towards scale and revenues
Global Bioenergies has completed a stage of significant expansion with the completion of its Leuna demo plant and a raft of industrial agreements in 2016. 2016 results reflected this expansion in line with our expectations and the company closed the year having comfortably funded its cash spend for 2017. It now needs to deliver commercial revenues to reach profitability. We have updated our forecasts to reflect a more conservative revenue expectation and the Syngip acquisition. Our valuation range remains €34-51 per share. We highlight funding risk from 2018.Global Bioenergies SA is a France-based company that specializes in the development of a process to produce isobutene biologically from renewable resources. Isobutene, a hydrocarbon, can be converted into fuels such as isooctane, as well as into various materials (synthetic rubber, organic glass, plastics). The process developed by Global Bioenergies SA is based on the design of an artificial metabolic pathway comprising several enzymes catalyzing reactions not observed in nature. Six patent applications have been filed by the Company. The first two applications covering the key steps of the bio-production of isobutene and other olefins have already been published. It distributes butane and propane containing bio-isobutene, in a e partnership with Global Bioenergies. It operates through Syngip.
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