BioBTX to build first renewable aromatics plant in Delfzijl

Iranpolymer/Baspar  Netherlands – BioBTX has raised more than 80 million euros to build its first commercial plant. This investment will enable BioBTX’s innovative technology to be scaled up at the PETRA Circular Chemicals Plant in Delfzijl. In this plant, plastic waste streams are converted to aromatics, building blocks for the chemical industry.

BioBTX is based in Groningen and was founded in 2012. The company developed a technology to convert plastic waste streams into aromatics. It will now scale up this technology at the PETRA Circular Chemicals Plant in Delfzijl. At the new plant, the company can convert 20 thousand tons of plastic waste streams annually. The new plant serves as a showcase for the BioBTX technology, with the goal of getting customers to use it in plants elsewhere in the world.

80 million euros

BioBTX raised a total of 80 million euros. For 42 million euros, new investors Invest-NL, Infinity Recycling and Covestro are investing along with existing shareholders including NOM/Groeifonds, and Carduso Capital. Additional financing will come through loans totaling 19 million euros from the Polestar Capital Circular Debt Fund and the Province of Groningen. The Dutch government is also providing a subsidy of 14 million euros through RVO. The company can also count on a number of other subsidies.

Potential

Ton Vries, CEO of BioBTX says this funding is a crucial step in creating a sustainable pathway for the chemical industry. ‘We are excited to take the lead in this from Groningen.’ Frits Kok, fund manager Carduso Capital, ‘When we saw the first setup on a lab table at the RuG in 2015, we saw potential in this technology. As an investor of the first hour, we are proud that The North has been able to develop this great innovation further. With subsequent financial support from NOM/Groeifonds, among others, and especially on the basis of the perseverance of the management, now the step to an even broader investment coalition with which the first commercial factory can be realized.’ Henri Kats, Investment Manager NOM and Emma Schakel Investment Manager Groeifonds also say they are proud of BioBTX’s success.

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