Carbios and Toulouse White Biotechnology (TWB) have announced €7.5 million of funding from the Investments for the Future Program operated by ADEME to support the scale-up of the company’s industrial and commercial PET plastics and fibres biorecycling project.
The funding has been granted by the General Secretariat for Investments as part of the Investments for the Future Program for circular economy projects.
The funding, which comes in the form of grants and conventional advances, will be paid in several instalments over the period of the project, and includes a first payment of 15 per cent.
Carbios, as the coordinator and lead manager of the project, will oversee the acceleration of the industrialisation of its PET plastics and fibres technology, and will be able to receive up to €4.1 million.
Jean-Claude Lumaret, CEO of Carbios, said: “We would like to thank the French environment and energy management agency for its renewed confidence in the innovations developed by Carbios. This funding represents an important step that will allow us to accelerate the industrialisation of our technology.”
Pierre Monsan, founder of TWB, said: “We are very proud of the scientific milestones achieved through this collaboration between Carbios and TWB. Our partnership has led to the emergence of new sustainable and eco-friendly solutions to the management of plastics lifecycle. This funding highlights the commitment of French public authorities to make possible the industrial development of innovative processes that can become key alternatives to conventional chemistry.”