Dutch biochemicals company lands €80M to commercialize aromatics production from plastic waste
The BioBTX team. 11 Jun 2024 --- Netherlands-based BioBTX, a developer of renewable aromatics technology, has secured over €80 million (US$86 million) to launch its first commercial-scale plant. The financing will fund the world’s first renewable chemicals plant utilizing BioBTX’s ICCP (Integrated Cascading catalytic Pyrolysis) Technology to produce aromatics from plastic waste and biomass.
BioBTX says it is spearheading the creation of a circular chemical industry, which will significantly reduce carbon emissions and reliance on fossil fuels.
Aromatics, essential for producing everyday products like insulating foams, coatings, PET bottles, batteries and pharmaceuticals, will now have an alternative to fossil-based sources, presenting a “major opportunity” for circular business models.
“We are extremely proud to welcome this unique consortium of investors and finance providers. A milestone like this is only achieved when parties come together to contribute to a greater goal. This funding is a crucial step in creating a sustainable pathway for the chemical industry — and we are excited to take the lead from Groningen,” says Ton Vries, CEO of BioBTX.
BioBTX will be scaling up its technology at the PETRA Circular Chemicals Plant in Delfzijl, Netherlands. The PETRA plant will convert 20,000 tons of mixed plastic waste annually into renewable aromatics, replacing fossil resources and recycling low-value plastic waste into high-value chemicals.
Once production is proven, the company intends to roll out the technology to chemical industry customers globally.
The €80 million investment round includes €42 million (US$45 million) in equity from new shareholders Invest-NL, Infinity Recycling, and Covestro, alongside existing shareholders Carduso Capital, NOM, Groninger Groeifonds and others.
Additional funding comprises €15 million (US$16 million) in debt financing from the Polestar Capital Circular Debt Fund and €4 million (US$4.3 million) from the Province of Groningen, a €14 million grant from the Dutch Government via RVO, and other subsidies. Invest-NL’s investment is partly backed by InvestEU, a European Commission program that supports initiatives aligned with EU policy priorities.
Edited by Louis Gore-Langton
