BioBTX lands €80M+ for commercial-scale renewable aromatics plant
From the Netherlands comes exciting news: BioBTX, a pioneering developer of renewable aromatics technology, 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 — benzene, toluene and xylene — 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.
The BioBTX backstory
The BioBTX project will be located 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.
BioBTX has successfully demonstrated the its ICCP technology on its Pilot Plant in Groningen, the Netherlands.
The financing in detail
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.
Looking deeper: A conversation with BioBTX CEO Ton Vries and Funding Advisor Peter Nieuwenhuizen
Q: What was the reason for founding your organization – what was the open niche you saw that could be addressed with a new product or service? What was the problem, or gap, or opportunity?
To transition the chemical industry, we need circular and biobased resources instead of fossil ones. The industry is working on several platforms including from e.g. syngas, methanol and ethanol. Aromatics like Benzene, Toluene and Xylene are another huge market with a value over $300bn/year, and originating ~40% of all chemicals. This market urgently needs viable and cost-efficient circular alternatives, and the BioBTX technology is developed to deliver precisely this.
Q: Tell us about your organization. What do you do?
BioBTX develops sustainable, economical technologies to BTX (benzene, toluene, xylenes) and other aromatics. BioBTX has for that purpose developed the so-called Integrated Cascading Catalytic Pyrolysis (ICCP) technology, a novel form of catalytic pyrolysis. This technology allows a broad variety of waste product mixtures and biomass to be profitably converted into aromatics, BTX.
Q: What stage of development are you?
Demo plant and scaling up to 20 ktpa commercial stage with the current EUR 80m in funding.
Q:What do your technologies, products or services do and accomplish – how does it (they) work, who is it (they) aimed for?
BioBTX has developed the so-called Integrated Cascading Catalytic Pyrolysis (ICCP) technology, a novel form of catalytic pyrolysis. This is a two step-process, i.e. pyrolysis followed by direct catalytic conversion of pyrolysis vapors, which gives high yields of aromatics, especially BTX. By separating the pyrolysis from the catalytic conversion to aromatics, the catalyst lifetime, activity and selectivity are increased, while the feed flexibility has widened, thus allowing processing of a broad variety of waste and biomass mixtures into aromatics, BTX.
Q: Competitively, what gives your technology, product or service set an edge in cost or performance, sustainability, or any other aspect, that makes it stand out from the crowd, In short, what makes it transformative?
At commercial scale, we can produce low-carbon, sustainable BTX at cost levels comparable to fossil BTX, while at the same time upgrading low-value plastic waste that would otherwise be incinerated.
Q: What are the 3 top milestones you have accomplished in the past 3 years?
1. Build an organization that can raise EUR 80m in funding for scale up
2. Convince key investors that the process can be scaled-up and licensed
3. Sign up value chain partners to commit feedstock and procure BTX product even before the factory is built.
Q: What are the 3 top milestones you will accomplish in the next 3 years?
1. Engineer, build & commission a 20 ktpa commercial plant
2. Build an organization to commence commercial production and start selling technology licenses
3. Develop a pipeline of licensing customers
Where can I learn more about BioBTX?
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