Reacting to the European Commission’s approval of €500 million in French state aid for chemical recycling, Carbios said it is ‘pleased’ with the decision.
As a result, the French biotech company will see €42.5 million in funding green-lighted for its planned PET depolymerisation plant in Longlaville, France.
Carbios obtained non-dilutive funding of €30 million under the France 2030 programme, which aims to stimulate employment, boost productivity and increase the competitiveness of French businesses.
The biotech company is also waiting on €12.5 million from the Grand Est Region, where the plant is located.
The authorisation should allow Carbios and other involved parties to sign the final contractual agreements and eventual implementation of the grants, the company said in a statement.
Carbios added that it is also continuing discussions with private and public financial institutions likely to provide additional financing for the project under favourable conditions.
In December 2024, the company announced it would postpone construction of the Longlaville plant due to delayed funding, including that now green-lighted by the European Commission.
Its negotiations with Indorama Ventures for €110 million are also not yet finalised.
This week, Carbios announced it would cut around 40% of its workforce as part of cost control measures.
It did not indicate plans to revert those measures since the EU green-lighted French funding for chemical recycling.