BioBTX, Dutch technology developer in circular chemistry, has raised more than €80 million to build its first commercial factory. This investment makes it possible to scale up BioBTX's innovative ICCP technology in the PETRA Circular Chemicals Plant in Delfzijl. In this factory, plastic residual flows are converted into aromatics, building blocks for the chemical industry. This puts BioBTX at the forefront of the transition to a circular chemical industry, with lower CO2 emissions and reduced dependence on fossil raw materials.
Groningen-based BioBTX, a leading technology developer since 2012, will scale up its revolutionary technology in the PETRA Circular Chemicals Plant in Delfzijl. This PETRA factory will convert 20.000 tons of plastic residual flows into renewable aromatics every year. Aromatics are essential for the production of everyday products such as insulation material, paint, PET bottles, batteries and pharmaceuticals. Once the factory is up and running and production is underway, the BioBTX technology will find its way to customers in the chemical industry elsewhere in the world.
The investment of €80 million consists of €42 million of working capital of the new shareholders Invest-NL, Infinity Recycling and Covestro, together with the existing shareholders NOM and the Groninger Groeifonds, Carduso Capital and others. Additional financing comes via loans totaling €19 million from the Polestar Capital Circular Debt Fund and the Province of Groningen. The Dutch government also provides a subsidy of € 14 million through RVO, while a number of other subsidies are also available. Invest-NL's investment is partly covered by InvestEU, a program of the European Commission to support EU policy priorities.
Attracting such financing with new partners such as Invest-NL, Covestro, Infinity Recycling, Polestar Capital and RVO is impressive given the current investment climate and underlines the confidence in BioBTX's innovative technology.
Ton Vries, CEO of BioBTX: “We are extremely proud of this unique consortium of investors and financing partners. A milestone like this can only be achieved if parties come together to make a greater goal possible. This financing is a crucial step in creating a sustainable path for the chemical industry; We are enthusiastic to take the lead in this from Groningen.”
Source: BioBTX
