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BioBTX raises more than €80 million for the construction of the world’s first renewable aromatics factory
BioBTX, a Dutch technology developer in circular chemistry, has raised over €80 million for the construction of its first commercial plant. This investment enables BioBTX to scale up its innovative ICCP technology in the PETRA Circular Chemicals Plant in Delfzijl. In this plant, plastic waste streams are converted into aromatics, building blocks for the chemical industry. This positions BioBTX at the forefront of the transition to a circular chemical industry, with lower CO2 emissions and reduced dependence on fossil resources.
BioBTX, based in Groningen and leading as a technology developer since 2012, will scale up its revolutionary technology in the PETRA Circular Chemicals Plant in Delfzijl. This PETRA plant will annually convert 20,000 tons of plastic waste streams into renewable aromatics. Aromatics are essential for the production of everyday products such as insulation materials, paint, PET bottles, batteries, and pharmaceutical products. Once the plant is operational and production is underway, the BioBTX technology will reach customers in the chemical industry elsewhere in the world.
The €80 million investment consists of €42 million in equity from new shareholders Invest-NL, Infinity Recycling, and Covestro, along with existing shareholders NOM/Groeifonds, Carduso Capital, and others. Additional financing comes through loans totaling €19 million from the Polestar Capital Circular Debt Fund and the Province of Groningen. Additionally, the Dutch government is providing a subsidy of €14 million through RVO, along with several other subsidies.
Attracting such financing with new partners like Invest-NL, Covestro, Infinity Recycling, Polestar Capital, and RVO is impressive given the current investment climate and underscores the confidence in BioBTX’s innovative technology.
Ton Vries, CEO of BioBTX: “We are incredibly proud of this unique consortium of investors and financing partners. A milestone like this is only achieved when parties come together to enable a greater goal. This financing is a crucial step in creating a sustainable path for the chemical industry; we are excited to take the lead from Groningen.”
Frits Kok, fund manager at Carduso Capital: “When we first saw the setup on a lab table at the University of Groningen in 2015, we saw potential in this technology. As an early investor, we are proud that the North has been able to develop this great innovation further. With later financial support from, among others, NOM/Groeifonds and especially based on the perseverance of the management, we now take the step towards an even broader investment coalition to realize the first commercial plant.”
Henri Kats, Investment Manager at NOM: “The investment in BioBTX marks a crucial step towards the circular economy and confirms the potential of the innovative technologies being developed at the Zernike Campus in Groningen. As NOM, we have been financing this company for a long time and are particularly proud to contribute to this groundbreaking company in this financing round.”
Emma Schakel, Investment Manager at Groeifonds: “The Groninger Groeifonds is proud to enable the further development of BioBTX. The success of this financing round highlights the market’s confidence in BioBTX’s technology and vision. This technology will be deployed worldwide from Groningen, thereby not only reducing CO2 emissions but also significantly lowering dependence on fossil resources.”