Global Bioenergies (Euronext Growth: ALGBE) released its 2018 financial statements, audited, certified and approved by the Board of Directors Meeting held yesterday[1]. These yearly figures report a net loss of 13.6m for the 2018 financial year, a slight improvement over 2017, and a cash position of 10.3m as at 31 December 2018.
Samuel Dubruque, Chief Financial Officer of Global Bioenergies, explained: "For the first time in the Group's history, the net loss is slightly improved over the previous year. This trend will continue in 2019, and points to profitability within four years. The hardest part is behind us, particularly in terms of capital expenditures. Now, the Group's number one objective is the emerging of its first commercial plant, IBN-One, a joint-venture with Cristal Union."
Marc Delcourt, Chief Executive Officer of Global Bioenergies, added, "Significant progresses have been made in the performances of the Isobutene process and its scaling-up. Along with this technology push, there is a very clear market pull: for regulatory reasons, the cosmetics industry is facing the progressive phase-out of volatile silicones, for which isobutene derivatives are substitutes. Several letters of intent have been received from major players in the cosmetics industry, representing up to 10,000 tons of product annually, with a guideline price of 4 to 10/kg.
Beyond the cosmetics market, the Isobutene process has the potential to shift the lines of the energy and environmental transition, which is now clearly one of the primary concerns of today's societies. Western consumption patterns cannot be generalised to a human population of 10 billion individuals, and we all know that radical changes will happen. Letters of intent totalling up to 55,000 tons per year of renewable gasoline and jet fuel have already been received from industrial leaders in these energy markets, the equivalent of more than 1% of French fuels, and in excess of the maximum capacity of the future first plant."
