Amsterdam-based Photanol BV, a biotech company specialising in CO2-to-chemical conversion, has filed for bankruptcy due to financing challenges. The court of Amsterdam appointed Els Doornhein of De Vos & Partners as the trustee.
Jeroen van Harten, CEO of Photanol, says, “We want to express our profound gratitude to our dedicated employees, whose tireless efforts brought this revolutionary technology to life.”
“We also thank our shareholders, partners, and Dutch government institutions, including the Netherlands Enterprise Agency (RVO) and the Ministry of Economic Affairs, for their continued support throughout our journey.”
Here’s what happened
Photanol’s financial difficulties followed the unexpected withdrawal of a key industrial partner in December 2024, which disrupted final joint venture negotiations. Despite efforts to secure alternative funding, Photanol was unable to bridge the financial gap.
The company is shutting down at a critical moment, as it had recently confirmed the effectiveness of its technology and was preparing to build a large-scale demonstration facility in Delfzijl. It developed multiple strains that convert CO2 into industrial chemicals using sunlight. Production rates suggested potential commercial viability at a larger scale.
Jan Wery, CTO of Photanol, says, “It is with deep regret that we must halt our operations just as we were ready to scale up our technology. Our team had solved critical technical challenges and was poised to demonstrate our technology at larger scale. The timing makes this especially painful.”
Photanol will cease operations, but bankruptcy trustee Els Doornhein and company management are exploring options to preserve and restart the technology platform. Efforts are ongoing to find a way forward for its potential role in sustainable chemical production.
Brief about Photanol
Photanol was founded in 2008 to transform the chemical industry into a more sustainable and circular system. The industry relies heavily on fossil resources and is a major source of CO2 emissions.
The company aimed to address this challenge by developing technology that captures CO2 emissions and converts them into renewable chemicals. This approach sought to reduce dependence on fossil resources while contributing to more sustainable industrial processes.
Its applications include biodegradable polymers and cosmetic ingredients, and the company’s innovations are protected by multiple patents.
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