Oct 29 2013
Global Bioenergies announces today having reached the main milestone in a license option signed in 2010 with a Fortune 500 US-based industrialist.
In December 2010, Global Bioenergies had signed a license option agreement with a large US-based industrial group. According to the terms of this agreement, a license option was granted to the industrialist for a maximum of three years. If, during these three years, a specific technical milestone in the development of the isobutene program was hit by Global Bioenergies, the industrialist could trigger entering into an exclusive negotiation period for a follow-on contract on a specific application of Global Bioenergies’ bio-isobutene process.
Global Bioenergies today announces that the milestone has been reached and that its partner has decided to enter into negotiations for a license agreement.
Thomas Buhl, Head of Business Development at Global Bioenergies, states: “Two elements have certainly played a key role in our partner’s decision to exercise its option: firstly the ability for our partner to gain in-depth knowledge of our technology throughout our collaboration, and secondly the success of our recent €23m (~ 30m$) capital increase to fund the industrialization phase of the bio-isobutene process. The discussion is now open to determine whether our
respective strategies regarding exploitation of the technologies can be aligned.”