Netherlands-based BioBTX, a developer of circular chemistry technology that aims to replace fossil resources with biomass and plastic waste, announced that it has secured over €80M in fresh funding.
The funds will help BioBTX build and launch the first renewable chemicals plant using its ICCP Technology. It will make sustainable aromatics (BTX) from plastic waste and plants.
According to the company, this is the first large-scale plant in the world to do this.
Investors supporting BioBTX
The €80M investment round involves €42M in equity from new investors Invest-NL, Infinity Recycling, and Covestro, as well as existing shareholders, including Carduso Capital, NOM, and Groninger Groeifonds, among others.
Additional funding includes €15M in debt from the Polestar Capital Circular Debt Fund, €4M from the Province of Groningen, a €14M grant from the Dutch Government through RVO, and other subsidies.
Invest-NL’s investment is partially supported by InvestEU, a European Commission programme aligning with EU policy priorities.
Ton Vries, CEO of BioBTX, says, “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.”
“Making circular chemistry possible!”
BioBTX claims to spearhead the creation of a circular chemical industry by turning plastic waste and biomass into renewable aromatics.
Aromatics, which are vital for making everyday items such as insulating foams, coatings, PET bottles, batteries, and pharmaceuticals, will now have a sustainable alternative to fossil fuels.
The company has developed an integrated catalytic pyrolysis process that maximises BTX (benzene, toluene, and xylene isomers) yield and minimises operational costs, enabling clients to access sustainable BTX materials with lower carbon emissions.
BioBTX plans to scale up its technology at the PETRA Circular Chemicals Plant in Delfzijl, converting 20,000 tons of plastic waste into renewable aromatics annually.
This replaces fossil resources and turns low-value plastic waste into high-value chemicals. Once production is proven successful, it plans to expand globally.
BioBTX offices are located in Groningen, the Netherlands.
Brief about InvestEU
The InvestEU programme is a funding source for the European Union, leveraging both private and public funds to support sustainable recovery. It aligns with EU priorities like the European Green Deal and digital transition, mobilising private investments.
This initiative streamlines EU financial instruments, making funding for European projects simpler, more efficient, and flexible. The programme comprises the InvestEU Fund, Advisory Hub, and the InvestEU Portal.
With a €26.2B budget guarantee, the InvestEU Fund supports investment projects and aims to mobilise at least €372B in additional investment.
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