SG BIOFUELS COMPLETES $17 MILLION SERIES B FINANCING
SAN DIEGO, Calif., Jan. 17, 2012 – SG Biofuels, Inc. (SGB), a
bioenergy crop company developing elite hybrid seeds of Jatropha as a
low-cost feedstock for biodiesel, bio jet fuel and specialty chemicals, has
completed a $17 million Series B financing led by Thomas, McNerney &
Partners with participation from Finistere Ventures and current investors
Flint Hills Resources, LLC and Life Technologies Corporation.
SGB also announced that Pratik Shah, Ph.D., partner at Thomas, McNerney, and
Jerry Caulder, Ph.D., managing director for Finistere Ventures, have joined
the company’s board of directors.
SGB will use the proceeds to expand research and development, advance
commercialization efforts and scale global operations.
“We are very pleased to complete this financing and are privileged to add Thomas, McNerney and Finistere Ventures with their considerable track records and expertise to our team,” said Kirk Haney, president and chief executive officer at SGB. “The funding comes at a time when we’re experiencing significant commercial adoption of our hybrid Jatropha and will be instrumental as we continue to expand our global footprint.”
Jatropha is a subtropical, non-edible energy crop that that can be effectively grown on marginal lands considered undesirable for food crops. SGB is using molecular breeding and biotechnology to significantly improve yields and reduce input costs, and has developed proprietary hybrid seed production technology enabling the large-scale deployment of higher yielding and uniform planting material adapted to unique growing conditions around the world.
SGB has signed customers for the deployment of 250,000 acres of Jatropha using its JMax™ hybrid seeds. This includes an agreement with JETBIO, leader of a multi-stakeholder initiative including Airbus, the Inter-American Development Bank, and TAM Airlines, to deploy 75,000 acres in Brazil for the production of bio jet fuel.
SG Biofuels (www.sgbiofuels.com)
SGB is a fully integrated bioenergy crop company using molecular breeding and biotechnology to develop and produce elite hybrid seeds of Jatropha as a low-cost feedstock for biodiesel, bio jet fuel and specialty chemicals. With the largest and most diverse library of Jatropha genetic material, SGB is turning the opportunities of Jatropha into reality through a world-class leadership team, leading-edge science and genetics and expertise in agronomy and plantation management. SGB has been named one of the Top 5 Renewable Jet Fuel Supply Chain Companies in the World by The Carbon War Room (2011), one of the Top 50 Companies in Bioenergy for three consecutive years (2009, 2010 and 2011) and the 2010 Feedstock Domestication Project of the Year by
and one of the Top 200 Going Green Private Companies in the World by
Thomas, McNerney & Partners (www.tm-partners.com)
Thomas, McNerney & Partners is a venture capital firm that invests in life science companies. Employing a multi-stage investment approach, Thomas, McNerney & Partners has $600 million in assets under management and provides seed and early stage funding to help entrepreneurs launch companies, as well as growth capital to emerging companies for furthering product development or for expansion of product commercialization.
Finistere Ventures (www.finistereventures.com)
Finistere Ventures is a leading life science venture capital firm based in San Diego, California. The firm’s investment strategy is focused on ‘Food, Energy and Health’ related technologies, with funds focusing on technologies related to agricultural innovation and medical devices and diagnostics. Particular areas of
focus include abiotech, agritech, precision agriculture and renewable energy & materials from biomass, as well as medical devices and diagnostics, in areas including cardiovascular, neurological and ophthalmology. Finistere’s team is comprised of investment professionals and scientific entrepreneurs with a long history of creating value.
Flint Hills Resources, LLC (www.fhr.com)
Flint Hills Resources, LLC, through its subsidiaries, is a leading refining and chemicals company. It markets products such as gasoline, diesel, jet fuel, ethanol, olefins, polymers and intermediate chemicals, as well as base oils and asphalt. The company, based in Wichita, Kan., has expanded its operations through capital projects and acquisitions worth more than $6.4 billion since 2002. With more than 3,700 employees, Flint Hills Resources strives to create value for customers and society.
Life Technologies (www.lifetechnologies.com)
Life Technologies Corporation is a global biotechnology company dedicated to improving the human condition. Our systems, consumables and services enable researchers to accelerate scientific and medical advancements that make life even better. Life Technologies customers do their work across the biological spectrum, working to advance the fields of discovery and translational research, molecular medicine, stem cell-based therapies, food safety and animal health, and 21st century forensics. The company manufactures both molecular diagnostic and research use only products. Life Technologies' industry-leading brands are found in nearly every life sciences lab in the world and include innovative instrument systems under the Applied Biosystems and Ion Torrent names, as well as, the broadest range of reagents with its Invitrogen, GIBCO, Ambion, Molecular Probes and TaqMan® products. Life Technologies had sales of $3.6 billion in 2010, has a workforce of approximately 11,000 people, has a presence in approximately 160 countries, and possesses one of the largest intellectual property estates in the life sciences industry, with approximately 4,000 patents and exclusive licenses.