The funding included several non-dilutive financings from partners Bpifrance, ADEME and the European agency BBI-JU within the framework of the Horizon 2020 research and innovation program.
Global Bioenergies received €4.1 million from the French government as the first installment of a €16.4 million grant for the construction of the world’s first biobased isobutene plant.
Several French and European R&D consortia also contributed €3.2 million for the Optisochem project, which aims to convert wheat straw into biobased isobutene derivatives and validate isobutene derivatives in cosmetics.
L’Oréal is Global Bioenergies’ largest shareholder, with a 13.5% stake.