Evry (France), 2 February 2017 – Global Bioenergies (Alternext Paris: ALGBE) has finalized the acquisition of Syngip B.V. at the close of its extraordinary shareholders’ meeting today. Syngip B.V. is a start-up based in the Netherlands that specializes in converting third-generation resources into fuels and materials.The Syngip acquisition is central to Global Bioenergies’ strategy of diversifying the feedstocks suitable for use in its isobutene process:

• Since inception in 2008, Global Bioenergies has been developing a process to convert first-generation sugars (sugar beet and sugar cane molasses, cereals, etc.) into isobutene. This molecule is associated to a vast market in fuels and in materials (plastics, rubber and cosmetics…). The process has matured to the demo plant stage (100t annual nominal capacity).
• Second-generation resources (sugars from straw or wood chips) were also selected for the process as they cost less and have an even smaller environmental footprint. The conversion of these second-generation resources has been successful in the lab, before progressing to pilot scale.
• Access to third-generation resources has been part of Global Bioenergies’ strategy since 2011 and completes the Company’s strategy of feedstock diversification. It will enable a dramatic reduction of the production cost for renewable isobutene and will improve the environmental footprint of the process even further.

Established in the Netherlands since 2014, Syngip develops a process to convert gaseous carbon sources into light olefins. Its process is based on a proprietary micro-organism capable of metabolising carbon dioxide (CO2) and carbon monoxide (CO) found in a wide range of low-cost and abundant streams, such as the industrial waste emissions of steel mills.Syngip’s technology is now mature enough to allow the implementation of metabolic pathways leading to light olefins, and in a first instance to isobutene. Now part of the Global Bioenergies group, the entire Syngip team will be assigned to developing the third-generation Isobutene process.Frédéric Pâques, Chief Operations Officer of Global Bioenergies says: “There are obvious synergies between these technologies. The collaboration between Syngip’s teams, focused on metabolizing industrial gases, and the teams at Global Bioenergies engaged since the early days in the production of fermentative isobutene will be most natural.”This process would be competitive starting at an oil price of $45 per barrel. Taking tax incentives associated to renewable fuels into account, the break-even point should occur at even lower oil prices. Moreover, greenhouse gas savings should top 80%, compared to the current petrochemical industry.Bernard Chaud, Director of Industrial Strategy at Global Bioenergies, adds: “By developing this third-generation isobutene process, Global Bioenergies will be positioned to form partnerships with industrialists from several domains, where companies are actively seeking better solutions to value and take care of their effluents.”Marc Delcourt, CEO of Global Bioenergies, explains: “Our strategy to diversify the feedstocks usable in our process is now well in place:

• Our demo plant currently operates with first-generation sugars, and we are pursuing our aim of building the first full-scale plant in France using these resources together with Cristal Union.
• In light of recent successes with second-generation feedstocks (biomass from agricultural and forestry waste), we work at putting in place a major project in this area with several large industrial groups.
• The Syngip acquisition will take our development efforts based on third-generation resources to the next level. We are currently at an early stage of development, but a process using these resources will benefit from the lowest operating costs and the best environmental benefits.”

In exchange for the contribution of all the shares of Syngip B.V., Global Bioenergies will issue (i) 37,240 new ordinary shares for Syngip B.V.’s current shareholders, and (ii) 69,161 share allocation warrants (“BAA”) granted free of charge with each allowing access to the allocation of one new share, subject to the achievement of a technical milestone in the development of a process to convert gaseous carbon resources into isobutene. This milestone must be reached at the latest by 2 February 2019, otherwise the BAA become void.The 37,240 new ordinary shares are valued at approximately €875,000, established based on a share price of €23.4956. They represent a dilution of approximately 1.1% for existing shareholders.The BAA will grant 69,161 new ordinary shares, valued at approximately €1,625,000 at the reference price of €23.4956, i.e. an additional dilution of approximately 2%.The 37,240 new ordinary shares will be subject to a lock-up period, which will end either when the milestone referred to above is reached or, at the latest, on 2 February 2019.Global Bioenergies also commits to reimbursing the current shareholder’s accounts in Syngip B.V. a total of €150,000, with all debt held by shareholders in excess of this amount being cancelled.About GLOBAL BIOENERGIESGlobal Bioenergies is one of the few companies worldwide, and the only one in Europe, that is developing a process to convert renewable resources into hydrocarbons through fermentation. The Company initially focused its efforts on the production of isobutene, one of the most important petrochemical building blocks that can be converted into fuels, plastics, organic glass and elastomers. Global Bioenergies continues to improve the performance of its process, operates an industrial pilot, has started operations at its demo plant in Germany, and is preparing its first full-scale plant through a joint venture with Cristal Union, named IBN-One. The company also replicated its achievement to propylene and butadiene, two members of the gaseous olefins family, key molecules at the heart of petrochemical industry. Global Bioenergies is listed on Alternext, Euronext Paris (FR0011052257 – ALGBE).Should you like to be kept informed, subscribe to our news feed on www.global-bioenergies.comFollow us on Twitter: @GlobalBioenergiAboutSYNGIPThe Syngip BV company was founded in 2014 and is performing next level research related to gas fermentation and bio commodities. Located in the Chemelot industrial park, Syngip BV tries to push back the boundaries of what is possible in the field of carbon capture using biological means.Website: www.syngip.com