In the Netherlands, BioBTX B.V., a developer of renewable aromatics technology, has announced that it has secured over €80 million to fund the launch of its first commercial-scale renewable chemicals plant to produce sustainable aromatics – benzene, toluene, xylene (BTX) – from plastic waste and biomass.
Utilizing its innovative Integrated Cascading catalytic Pyrolysis (ICCP) technology to convert 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 are essential for producing everyday products like insulating foams, coatings, polyethylene terephthalate (PET) bottles, batteries, and pharmaceuticals, and will now have a sustainable alternative to fossil-based
sources, presenting a major opportunity for circular business models.
Scale-up technology
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 Netherlands.
The PETRA plant will convert 20,000 tonnes 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 worldwide.
New and existing investors
The €80 million investment round includes €42 million in equity from new shareholders Invest-NL, Infinity Recycling, and Covestro, alongside existing shareholders including Carduso Capital, NOM, and Groninger Groeifonds.
Additional funding comprises €15 million in debt financing from the Polestar Capital Circular Debt Fund and €4 million from the Province of Groningen, along with 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.
According to the company, securing such an amount with new partners mentioned above is impressive, given the current investment climate, and highlights the confidence in BioBTX’s innovative approach.
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, said Ton Vries, CEO of BioBTX.
