Carbios Reports Half-Year 2023 Financial Results and Corporate Update

Biomaterials developer Carbios has released its financial results and provided an update on significant corporate developments for the first half of 2023. The company is proceeding with the construction of the world's first PET biorecycling plant in France, aiming for commissioning by the end of 2025.

Carbios confirmed its strategic objectives for industrial-scale enzyme production through a global partnership with Novozymes. This agreement ensures the supply of proprietary enzymes at an industrial scale for the initial plant and future licensees. Additionally, the company has deepened its collaboration with Indorama Ventures, which plans to invest €110 million in the construction of the first facility.

The company's financial standing has been significantly bolstered by a capital increase of €141 million from French and international investors. Furthermore, the French State and the Grand-Est region have provided grants totaling €54 million to finance the plant's construction and accelerate research and development activities.

As of June 30, 2023, Carbios' cash position stood at €78 million, excluding the net proceeds from the €141 million capital increase raised in the second half of the year. This funding is intended to secure the construction of the plant and support the international deployment of its activities.

Carbios' core business involves developing sustainable, biotechnological solutions to reinvent the life cycle of plastic and textiles, aiming to contribute to plastic waste reduction and the circular economy.