The Northern Netherlands-based BioBTX is a technology developer in circular chemistry. Through its self-developed ICCP technology, BioBTX enables the production of drop-in chemicals and aromatics from biomass and plastic waste. This puts the company at the forefront of the transition to a circular chemical industry, with lower carbon emissions and reduced dependence on fossil raw materials.
The investment enables the ICCP technology to be scaled up at the PETRA Circular Chemicals Plant in Chemical Cluster Delfzijl, part of Chemport Europe. There, 20,000 tonnes of plastic waste streams will be converted into renewable aromatics every year; these are essential chemical building blocks for the production of everyday products, such as insulation material, paint, PET bottles, batteries and pharmaceuticals. Once production at the plant is up and running, BioBTX technology will find its way to customers in the chemical industry worldwide.
New shareholders
The €80 million investment consists of €42 million in working capital from new shareholders Invest-NL, Infinity Recycling and Covestro together with existing shareholders NOM, Groeifonds, Carduso Capital and others. Additional funding will come through loans totalling €19 million from the Polestar Capital Circular Debt Fund and the Province of Groningen. The Dutch government is additionally providing a grant of €14 million through RVO, while there are also a number of other grants. This includes the DEI+ (Demonstration Energy and Climate Innovation) which was applied for and awarded in a two-year process with guidance from ASQA Subsidies.
‘We are enormously proud of this unique consortium of investors and financing partners,’ says Ton Vries, CEO of BioBTX. ‘This financing is a crucial step in creating a sustainable pathway for the chemical industry.’ According to Henri Kats, Investment Manager NOM, the investment in BioBTX marks a crucial step towards the circular economy: ‘This confirms the potential of the innovative technologies being developed at the Zernike Campus in Groningen.’
For more information, visit BioBTX’s website.
Image: BioBTX’s pilot plant
