French company CARBIOS has announced a delay in the construction of its polyethylene terephthalate (PET) biorecycling plant in Longlaville, France, pushing back the timeline by six to nine months.
The postponement is attributed to the pending additional financing required to commence the project under favourable conditions.
CARBIOS is actively working to secure this financing, particularly through non-dilutive means, with the goal of meeting market demands by 2027.
The delay in the construction of the Longlaville plant comes amidst ongoing negotiations for financing.
Specifically, CARBIOS is yet to finalise discussions with Indorama Ventures, a key player in the sector.
Concurrently, the company is engaging with other private and public financial institutions that could potentially offer financing under advantageous terms.
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These discussions are currently under review, and CARBIOS has received confirmation from the French state, including Bpifrance, of potential support for its request for debt coverage under the Strategic Projects Guarantee scheme.
Despite the postponement, CARBIOS remains financially robust, with cash reserves of €92.8m ($96.1m) as of 30 November 2024, and an additional €19.6m in term deposits.
The company anticipates signing several binding commercial contracts in the first half (H1) of 2025.
In September this year, CARBIOS and Sleever introduced a home-compostable tamper-evident seal.
The seal blends CARBIOS Active, an enzyme for biodegrading polylactide, into its biopolymer, marking dual innovation in material and design.
