BioBTX, a pioneering developer of renewable aromatics technology in the Netherlands, has secured over €80 million to launch its first commercial-scale plant. This investment will fund the world’s first renewable chemicals plant utilizing BioBTX’s innovative ICCP Technology to produce sustainable aromatics (BTX) from plastic waste and biomass.
By converting plastic waste and biomass into renewable aromatics, BioBTX is spearheading the creation of a circular chemical industry, significantly reducing carbon emissions and reliance on fossil fuels. Aromatics, essential for producing every-day products like insulating foams, coatings, PET bottles, batteries, and pharmaceuticals, will now have a sustainable alternative to fossil-based sources, presenting a major opportunity for circular business models.
As a leading technology developer since 2012, Groningen-based BioBTX aims to scale up its revolutionary technology at the PETRA Circular Chemicals Plant in Delfzijl. 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 world-wide.
The € 80 million investment round includes € 42 million in equity from new shareholders Invest-NL, Infinity Recycling, and Covestro, alongside existing shareholders Carduso Capital, NOM and Groninger Groeifonds, and others. Additional funding comprises of € 15 million in debt financing from the Polestar Capital Circular Debt Fund and € 4 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.
Securing such an amount with new partners mentioned above is impressive, looking at the current investment climate, and highlights the confidence in BioBTX’s innovative approach.
Ton Vries, CEO of BioBTX, says: “We are extremely proud welcoming 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.”
