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NextChem to acquire majority stake in Biorenova

NextChem to acquire majority stake in Biorenova
Maire Tecnimont S.p.A subsidiary NextChem S.p.A. signs an agreement to acquire a majority stake in Biorenova S.p.A. (photo courtesy Maire Tecnimont).

Italy-headed industrial group Maire Tecnimont S.p.A. has announced that its subsidiary NextChem S.p.A. has signed an agreement with compatriot Biorenova S.p.A. to acquire, scale up and industrialize its proprietary CatC technology, a continuous chemical recycling process to recover monomers with ultra-high levels of purity from sorted plastic waste, particularly Polymethylmethacrylate (PMMA).

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Polymethylmethacrylate (PMMA) is more commonly known as “plexiglass”, and NextChem intends to scale up CatC’s industrialization in the plexiglass market,

In addition, the company plans to progressively expand its application to other value-added plastics, as the CatC technology could also be suitable for the depolymerization of polystyrene (PS), a widely used plastic with numerous industrial applications from food packaging to electronics and automotive, among others.

Moreover, according to NextChem, further optimization of the CatC technology could allow addressing the even larger polyolefins market.

Strategic acquisition

The CatC technology has been developed in the Abruzzo region (central Italy), where the first market development plant has already been built.

Monomer samples have been fully validated by prospective off-takers. Once scaled up, CatC would provide a cost-effective, competitive alternative to other existing depolymerization technologies for plexiglass, as the obtained monomers can be used directly without any further treatment.

Biorenova is an innovative company engaged in the development of circular economy proprietary technologies, particularly in recovering materials through CatC technology, and hydrogen bioproduction.

NextChem will hold a 51 percent stake in a new company (NewCo) which will own the CatC technology. Biorenova will maintain the remaining 49 percent.

Closing of the transaction, the value of which has not been disclosed, is expected to take place by April 30, 2023, subject to customary conditions.

This acquisition is strategically significant since it allows the Group to expand its technological portfolio and enter new markets.

Expected revenues coming from such activity are expected to progressively grow to an overall value of EUR 30 million by 2028.

After this ramp-up period, yearly revenues are expected to be in the EUR 15-20 million range.

NextChem through the NewCo will act as a technology licensor, high-value process engineering, and critical equipment provider.

With this agreement, we are further expanding the Group’s technological portfolio of depolymerization technologies, following our experience in chemical recycling. We will progressively apply such innovative technology to several added-value markets. This is a further step for NextChem’s Circular District model, which integrates technologies for decarbonization and recycling, leveraging our existing leadership in the plastics value chain, commented Alessandro Bernini, CEO of Maire Tecnimont Group.

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