BioBTX Secures More Than €80 Million to Establish World’s Inaugural Renewable Aromatics Facility

BioBTX, a trailblazing developer of renewable aromatics technology based in the Netherlands, has garnered over €80 million to inaugurate its maiden commercial-scale facility. This funding will support the establishment of the world's premier renewable chemicals plant, leveraging BioBTX's groundbreaking ICCP Technology to manufacture sustainable aromatics (BTX) from plastic waste and biomass.

BioBTX leads the charge in establishing a circular chemical industry by transforming plastic waste and biomass into renewable aromatics. This innovative approach not only slashes carbon emissions but also diminishes dependency on fossil fuels. Aromatics, crucial for manufacturing everyday items such as insulating foams, coatings, PET bottles, batteries, and pharmaceuticals, will now benefit from a sustainable alternative to traditional fossil-based sources. This development presents a significant opportunity for embracing circular business models.

Having spearheaded technology development since 2012, BioBTX, headquartered in Groningen, seeks to expand its groundbreaking technology at the PETRA Circular Chemicals Plant in Delfzijl. This facility aims to convert 20,000 tons of mixed plastic waste annually into renewable aromatics, effectively substituting fossil resources and upcycling low-value plastic waste into high-value chemicals. Upon successful production validation, the company plans to introduce the technology to chemical industry clients worldwide.

The investment round of €80 million encompasses €42 million in equity from new stakeholders Invest-NL, Infinity Recycling, and Covestro, in conjunction with existing investors such as Carduso Capital, NOM, Groninger Groeifonds, among others. Furthermore, the funding includes €15 million in debt financing from the Polestar Capital Circular Debt Fund and €4 million from the Province of Groningen. Additionally, there is a €14 million grant from the Dutch Government through RVO, along with other subsidies. Notably, Invest-NL's investment is partially backed by InvestEU, a European Commission initiative supporting endeavors aligned with EU policy objectives.

Achieving this funding milestone with the new partners mentioned above is remarkable, especially considering the current investment landscape, and underscores the trust in BioBTX's pioneering methodology.

Ton Vries, CEO of BioBTX, expresses, "We are immensely proud to welcome this exceptional consortium of investors and financial supporters. Achieving a milestone of this magnitude is a testament to the collaborative efforts of all involved towards a common objective. This funding marks a pivotal stride in forging a sustainable trajectory for the chemical industry, and we eagerly embrace the leadership role from Groningen."

BioBTX is at the forefront of circular chemistry technology development, facilitating the replacement of fossil resources with biomass and plastic waste. Leveraging these renewable sources, BioBTX produces drop-in chemicals and aromatics using its proprietary ICCP technology, thereby enabling the creation of sustainable and forward-looking materials. With successful demonstrations of the ICCP technology at its Pilot Plant in Groningen, the Netherlands, BioBTX is currently focused on realizing its inaugural commercial-scale facility. The mission of BioBTX is to advance circular chemistry by developing technologies that contribute to the circular economy. The company's headquarters are situated in Groningen, the Netherlands.