Glob Bioenergi (PA:ALGBE) has delivered another step on its road towards bringing its isobutene process to industrial scale with the installation of the central fermenter at its Leuna plant. This is important preparation for commercial scale. We anticipate the company will aim to develop end-markets that are uncorrelated to oil while a weak oil price prevails. Our fair value remains unchanged at €35-63 per share.
Global Bioenergies has delivered an important step forward ahead of schedule. It has finalised the installation of its central fermenter at the Leuna demonstration plant more than one month ahead of schedule. The fermenter has a capacity of 5,000 litres, which is a material increase at 10x current capacity at the Pomacle pilot plant and is an important test for the technology. The successful operation of this new facility will be a key step to demonstrate scaling-up the technology. The first joint venture at industrial scale, IBN-One is expected to produce 50,000t of isobutene pa, which is yet another significant increase in scale. The company is now looking to connect the downstream unit in Q216, after which the plant is due to be ramped-up in summer next year.
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