BioBTX has secured €80 million to build its first commercial-scale plant. The Groningen-based company plans to scale up its Integrated Cascading Catalytic Pyrolysis (ICCP) technology to process 20,000 tonnes/year of mixed plastic waste and biomass into renewable aromatic chemicals (benzene, toluene, xylene, or BTX). The plant is scheduled to go into operation by early 2027.
The chemical manufacturer has been operating a ‘mini plant’ at the PETRA Circular Chemicals Plant in Delfzijl, the Netherlands, since April 2022, processing up to 100 grams per hour. In April 2023, it partnered with Agilyx to start developing a commercial demonstration plant. Following successful upscaling of BioBTX’s ICCP technology over the past years, the new plant is a crucial intermediate step for the technology to be implemented on an industrial scale.
BioBTX’s ICCP technology consists out of two steps: pyrolysis of biomass and plastics, and catalytic upgrading of hydrocarbon vapours towards valuable aromatics and other products. The company claims it can optimise results by separating the two steps, allowing for a wider range of inputs and feedstock contaminants.
Aromatic chemicals are fundamental building blocks of the chemical industry. They are used to produce everything from drugs to nylon clothing and key elements of the green energy transition like wind turbine blades.
The €80 million investment round includes €42 million in equity from new shareholders Covestro, Invest-NL, and Infinity Recycling. Covestro said it invested a ‘mid-single-million Euro amount’ in BioBTX. Invest-NL’s investment is partly backed by InvestEU, a European Commission program that supports initiatives aligned with EU policy priorities.
Existing shareholders include Carduso Capital, NOM, 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. BioBTX has also received a €14 million grant from the Dutch Government.
“We are extremely proud [of] welcoming this unique consortium of investors and finance providers,” said Ton Vries, CEO of BioBTX. “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,” he concluded.
Covestro’s CTO Thorsten Dreier said ‘BioBTX ICCP technology is a promising way of using waste to recover raw materials that we use in production’.
“Unlike other recycling technologies, this technology also makes mixed waste from different source materials suitable for the process,” he added.
*This article was updated to include the amount invested by Covestro as well as a statement by its CTO.