The French bioplastics biotech Carbios has raised €14.5M through a placing of shares in order to fund the construction of a demonstration plant that will use enzymes to make 100% recycled plastics.
Around 75% of the proceeds will fund the demonstration plant, which is due to be fully operational by the end of next year. The plant will break down and recycle plastics made from the molecule polyethylene terephthalate or PET, commonly used to make plastic bottles. The other 25% will contribute to the company’s ongoing financing.
Carbios is one of the leading biotechs in enzymatic plastics recycling. The company is developing enzymes capable of breaking down PET plastics, and recently was the first to produce bottles made from 100% recycled plastic. This advance takes us a step towards reducing waste products and recycling them in a circular economy.
“Today only clear bottles are recycled and can be recycled five or six times, not in a loop like we can do,” Carbios’ Head of Investor Relations, Benjamin Audebert, told me. “The potential of enzymes is incredible and this is what we want to use it for.”
The field of bioplastics is growing as industries feel more pressure to produce less pollution. Carbios has other projects in the works to contribute to a more sustainable economy, including recycling old clothes into new plastics.
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