Green Biologics to shutter US biochemical plant
UK-headed biotechnology process developer Green Biologics Ltd (GBL) has recently announced that it will close its commercial production facility in the United States (US) as it has failed to secure funding to enable it to continue with its plan to build up sales and production levels of renewable butanol and acetone.
According to a statement, the Board of Green Biologics Ltd (GBL) has concluded after a detailed review that it is “not possible to secure funding” to enable it to continue with its plan to build up sales and production levels of renewable butanol and acetone at the Group’s Little Falls, Minnesota (MN) plant to the point of cash break-even.
Accordingly, given this withdrawal of financial support, the Board and Management of its United States (US) subsidiary companies, Green Biologics, Inc., and Central Minnesota Renewables LLC have commenced an orderly closure of operations and wind-down of those corporations for and subject to any actions by their creditors.
In the short term, the Board of GBL also said that it will be “considering strategic options” for the future of GBL.