Thanks to a joint investment, BioBTX can take big steps to cash in on their ambition: to realize a plant that produces widely used chemicals on a large scale from sustainable streams such as residual plastic. With a fully circular and sustainable process. This would be a major asset for the Northern Netherlands.
Three existing shareholders and two new parties decided to finance the required growth money. Carduso Capital, Lynnovation and Vries Beheer followed up on earlier investments, GROEIfonds of Economic Board Groningen and the NOM decided to co-finance. "The funding gives an important impulse to our plans" said Pieter Imhof, director at BioBTX. "All parties believe that the Northern Netherlands has everything it needs to lead the way in sustainability ambitions and fortunately see our contribution in this as valuable."
Sprint to factory funding
Imhof does not hesitate in stating the intended opening year: "We are betting on 2023 and know that this is ambitious. Nevertheless, we absolutely believe in the feasibility of this plan, especially now that we have the financial room to prepare everything in detail." The pilot plant has already provided valuable knowledge and experience, BioBTX now wants to further optimize the processes, techniques and products, and complete a number of market studies. In addition, they will determine the suitable location, arrange the necessary permits and expand the team "So this investment is really being used to make a sprint to the next round of investment that should be able to finance the plant."
Ideals for the Northern Netherlands
That it is relevant to make such investments, especially in the Northern Netherlands, is beyond doubt for Imhof. "This company came about as a joint initiative of entrepreneurs (KNN, Syncom) from the Northern Netherlands with the realization that sustainability is incredibly relevant to our future and so we really need to invest in technologies that contribute substantially to that. But also that companies like ours are important for the Northern Netherlands. There is a good climate here for innovation to grow into durable companies that not only contribute to our future, but also create a lot of employment in a region that can use it very well. So we will continue to work hard for that in the coming period."