CLERMONT-FERRAND – Biotech company, Carbios, has secured over €150 million (US$160M) towards the building of the ‘world’s first’ polyester (PET) bio-recycling plant, through French government support and its partnership with global synthetic fibre supplier Indorama Ventures.
In addition to funds of up to €54 million from the French public purse, its joint venture partner Indorama plans to contribute up to €110 million to the project in equity and non-convertible loan financing.
The new facility, located in Longlaville, France, will use Carbios enzyme-based recycling technology and have an expected processing capacity of 50,000 tons of PET waste per year.
It aims to be operational in 2025 and takes the total investment for the new factory to approximately €230 million euros (US$246M).
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