BioBTX Secures €80 Million to Build World's First Renewable Aromatics Plant
Dutch developer BioBTX raises over €80 million to scale its technology converting plastic waste into renewable aromatics, positioning itself as a leader in green technology.
Introduction to the Innovation
BioBTX, a Dutch developer specializing in circular chemical technology, has successfully raised over €80 million to construct the world’s first renewable aromatics plant in Delfzijl, Netherlands. This funding round saw contributions from notable investors, including Invest-NL, Carduso Capital, and Covestro. The investment will facilitate the scaling up of BioBTX’s Integrated Cascading Catalytic Pyrolysis (ICCP) technology, which converts plastic waste into valuable aromatic chemicals such as benzene, toluene, and xylene — essential components for numerous industries.
How the Technology Works
BioBTX’s ICCP technology employs a two-step process to recycle plastic waste. First, the waste undergoes pyrolysis, breaking it down into hydrocarbon vapors. In the second step, these vapors are catalytically upgraded into high-value aromatics. This method not only optimizes the conversion process but also allows for a broader range of input materials, including mixed plastic waste and biomass. The technology has been demonstrated at BioBTX’s pilot plant in Groningen and will now be scaled up for commercial production.
Environmental and Economic Benefits
The environmental benefits of BioBTX’s innovation are significant. By converting plastic waste into valuable chemicals, the company reduces reliance on fossil fuels and helps mitigate plastic pollution. Aromatic compounds produced through this method are foundational to various industries, from pharmaceuticals to renewable energy components like wind turbine blades. Reducing the need for crude oil extraction also contributes to lowering greenhouse gas emissions, aligning with global sustainability goals.
Investment and Support
The €80 million investment includes €42 million in equity from new shareholders such as Covestro, Invest-NL, and Infinity Recycling. Additional funding comes from debt financing and government grants, including €14 million from the Dutch government. The investment consortium reflects strong market confidence in BioBTX’s technology and vision. Key figures in the funding round, such as Ton Vries, CEO of BioBTX, and Henri Kats from NOM, emphasize the strategic importance of this project for the circular economy and the chemical industry’s future.
Future Prospects
BioBTX plans to have its commercial-scale plant operational by the end of 2026, with an initial capacity to process 20,000 tonnes of plastic waste annually. The company envisions expanding this capacity to 50,000 tonnes over time and aims to establish similar plants globally through a licensing model. This approach could make BioBTX’s technology accessible to major chemical companies worldwide, further promoting the shift towards sustainable and circular chemical production.
Bronnen
- pitchbook.com
- www.nvnom.com
- thenextweb.com
- impact-investor.com
- www.duurzaam-beleggen.nl
- www.sustainableplastics.com