Business Wire

Carbios and Indorama Ventures Reaffirm Partnership to Build First-of-a-kind PET Biorecycling Plant in France

Share

Regulatory News:

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230601005872/en/

To view this piece of content from mms.businesswire.com, please give your consent at the top of this page.

Carbios and Indorama Ventures reaffirm partnership to build first-of-a-kind PET biorecycling plant in France

Carbios (Euronext Growth Paris: ALCRB), a biotech company developing and industrializing biological solutions to reinvent the life cycle of plastic and textiles, and Indorama Ventures Public Company Limited (IVL) (Bloomberg ticker IVL.TB), a global sustainable chemical producer, announce today the signing of a non-binding Memorandum of Understanding (MOU) to form a Joint Venture for the construction of the world’s first PET biorecycling plant in France1.

Based on and subject to the comprehensive terms set out in the MOU, Indorama Ventures plans to mobilize about €110 million for the Joint Venture in equity and non-convertible loan financing2, pending final engineering documentation and final economic feasibility studies. Both parties have acknowledged their mutual support for the implementation of the project and their intent to finalize contract documentation before end 2023.

Subject to the successful performance of this first plant in France, Indorama Ventures confirms its intention to potentially expand the technology to other PET sites for future developments.

Under the agreement signed today, Carbios, which filed for plant permitting in December 2022, should acquire 13ha land from Indorama Ventures’ existing PET plant at Longlaville and expects to be granted permits by Q3 2023, allowing start of construction by end of 2023 and targeted commissioning in 2025. The land surface offers the possibility to double capacity. Pursuant to this MOU, Indorama Ventures shall ensure 100% of output repolymerization and both partners shall collaborate to secure feedstock supply.

The total capital investment for the new plant is re-estimated to be around €230 million, taking into account recent impact from inflation. Project costs shall be financed by the sums mobilized by Indorama Ventures, the French State and Grand-Est Region subsidies available for the project3, and by equity capitalization of the Joint Venture by Carbios. Part of Carbios’ equity injection into the Joint Venture shall be financed by a portion of Carbios’ current cash position (i.e. €86 million as of 30 April 2023). Carbios is actively examining the best options to finance its remaining equity injection into the Joint Venture and will choose the most appropriate solution and timeline based on market conditions.

The project is part of Indorama Ventures’ Vision 2030 ambition to build on its leadership as a global sustainable chemical company. The company’s ESG commitments include spending $1.5 billion to increase its recycling capacity to 50 billion PET bottles per year by 2025 and 100 billion bottles per year by 2030. To meet these goals, Indorama Ventures, the world’s largest producer of recycled PET resin used in beverage bottles, is investing in new recycling technologies, including advanced recycling, in addition to expanding its global footprint of mechanical recycling sites, including two in France.

Carbios has developed a disruptive enzymatic depolymerization technology that enables efficient and solvent-free recycling of PET plastic and textile waste into virgin-like products with an aim to achieve true circularity. Carbios has ambitious plans to become a leading technology provider in advanced recycling of PET by 2035. After successful ongoing operations in its demonstration plant in Clermont-Ferrand in France, Carbios has been collaborating with Indorama Ventures for over a year to assess the commercial and technical feasibility of the technology. The world’s first industrial-scale enzymatic PET recycling plant at Longlaville will have a capacity to process about 50,000 tons of post-consumer PET waste per year, including waste that is not recyclable mechanically, equivalent to 2 billion PET colored bottles or 2.5 billion PET trays.

Yash Lohia, Chairman of the ESG Council at Indorama Ventures, said: “We are encouraged by the positive results of the due diligence our teams have performed so far on the technical soundness of Carbios’ technology. We are confident that this groundbreaking development could be a valuable addition to the range of solutions for the circular economy of PET plastics and fibers. Subject to the successful performance of the Longlaville Project, we are considering expanding Carbios’ technology at other sites worldwide for future development.”

Emmanuel Ladent, CEO of Carbios, said: “Today’s announcement is a significant landmark in our partnership with Indorama Ventures and a major step forward in realizing our joint first-of-a-kind PET biorecycling plant. The technical due diligence jointly undertaken with Indorama proves the robustness of Carbios’ disruptive technology. At Carbios, we are committed to bringing plastic and textiles into the circular economy. Our first reference unit at Longlaville is a springboard for our industrial and commercial deployment worldwide in order to reach our leadership goals in advanced recycling of PET.”

# # #

About Carbios:
Carbios is a biotech company developing and industrializing biological solutions to reinvent the life cycle of plastic and textiles. Inspired by nature, Carbios develops enzyme-based processes to break down plastic with a mission to avoid plastic and textile pollution, and accelerate the transition to a circular economy. Its two disruptive technologies for the biorecycling of PET and the biodegradation of PLA are reaching industrial and commercial scale. Its biorecycling demonstration plant has been operational since 2021 and a first-of-a-kind reference unit, in partnership with Indorama Ventures, is due to be commissioned in 2025. Carbios has received scientific recognition, notably with the cover of Nature, and is supported by prestigious brands in the cosmetics, Food & Beverage and apparel industries to enhance their products’ recyclability and circularity. Nestlé Waters, PepsiCo and Suntory Beverage & Food Europe are members of a packaging consortium founded by Carbios and L’Oréal, Patagonia, PUMA, PVH Corp. and Salomon collaborate with Carbios in a textile consortium.
Visit www.carbios.com/en to find out more about biotechnology powering plastic and textile circularity.
Twitter: Carbios / LinkedIn: Carbios / Instagram: insidecarbios

Information on Carbios shares:

ISIN Code: FR0011648716
Ticker Code: Euronext Growth: ALCRB
LEI: 969500M2RCIWO4NO5F08

Carbios, founded in 2011 by Truffle Capital, is eligible for the PEA-PME, a government program allowing French residents investing in SMEs to benefit from income tax rebates.

About Indorama Ventures
Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific. The company’s portfolio comprises Combined PET, Integrated Oxides and Derivatives, and Fibers. Indorama Ventures products serve major FMCG and automotive sectors, i.e., beverages, hygiene, personal care, tire and safety segments. Indorama Ventures has about 26,000 employees worldwide and revenue of US$18.7 billion in 2022. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).

Disclaimer on forward-looking statements and risk factors:
Certain information contained in this press release are forward-looking statements, not historical data and should not be construed as a guarantee that the facts and data stated will occur. These forward-looking statements are based on data, assumptions and estimates considered reasonable by Carbios. Carbios operates in a competitive and rapidly evolving environment. It is therefore not in a position to anticipate all risks, uncertainties or other factors that may affect its business, their potential impact on its business or the extent to which the materialization of a risk or combination of risks could lead to results that differ significantly from those mentioned in any forward-looking statement. Carbios draws your attention to the fact that forward-looking statements are in no way a guarantee of its future performance and that its actual financial position, results and cash flows and the development of the sector in which Carbios operates may differ significantly from those proposed or suggested by the forward-looking statements contained in this document. In addition, even if Carbios’s financial position, results, cash flows and developments in the industry in which it operates are consistent with the forward-looking information contained in this document, such results or developments may not be a reliable indication of Carbios’s future results or developments. Readers are advised to carefully consider the risk factors described in the Universal registration document filed with the French Market Authority (“AMF”), as well as in the half-year financial report available free of charge on the Company’s website. Should all or any part of these risk factors materialize or others, in no case whatsoever will Carbios be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. This information is given only as of the date of this press release. Carbios makes no commitment to publish updates to this information or on the assumptions on which it is based, except in accordance with any legal or regulatory obligation applicable to it.

1 Refer to press release published by Carbios and Indorama Ventures on 23 February 2022
2 Both equity and non-convertible loan financing by Indorama Ventures shall only be made in the Joint Venture and not in Carbios
3 Refer to press release published by Carbios on 31 May 2023

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Contacts: Carbios

Carbios
Press Relations
Melissa Flauraud
melissa.flauraud@carbios.com
+33 (0)6 30 26 50 04
Investor Relations
Benjamin Audebert
contact@carbios.com
+33 (0)4 73 86 51 76

Press Relations (France)
Iconic
Marie-Virginie Klein
mvk@iconic-conseil.com
+33 (0)1 44 14 99 96

Press Relations (US)
Rooney Partners
Kate L. Barrette
kbarrette@rooneyco.com
+1 212 223 0561

Press Relations (DACH & UK)
MC Services
Anne Hennecke
carbios@mc-services.eu
+49 (0)211 529 252 22

Contacts: Indorama Ventures

Stuart Kelly
Tel: +66 2 661 6661 ext. 508
stuart.k@indorama.net

Thanasak Phakdee
Tel: +662 661 6661 ext. 678
thanasak.p@indorama.net

About Business Wire

For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.

Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

LESSENGERS Begins Volume Production of 800G AOCs and Transceivers – Incorporating “Direct Optical Wiring” Technology – for AI/ML Clusters and Hyperscale Data Center Operations27.9.2023 07:00:00 EEST | Press release

LESSENGERS Inc., a provider of innovative optical components based on its patented “direct optical wiring” (DOW) technology, today announced that its new 800G transceiver product (800G OSFP SR8), will begin volume production in the Q4 2023 and begin shipping to customers. DOW is a polymer-based air-cladded waveguide technology that is particularly useful for optical interconnects in the data center and high-performance computing environments. DOW connects the active photonic devices such as laser diodes or photodiodes directly to the optical fiber, providing high-density and high-speed optical signal connectivity between switches, servers, and other devices within the data center or HPC clusters. This capability enables several operational efficiencies and economic benefits, such as: No active alignment – cost-competitive optical coupling No use of multi-channel lens assembly – near-zero optical crosstalk No air gap – dramatically lower reflection noise High degree of freedom in heat s

NTT DOCOMO: OREX Announces OREX® Open RAN Service Lineup27.9.2023 03:00:00 EEST | Press release

NTT DOCOMO, INC. announced today its brand-new service lineup of OREX RAN, OREX SMO, and OREX Services, part of its commitment to becoming an Open RAN service provider for international telecom operators. Through this announcement, the company aims to provide clarity and mutual understanding among international telecom operators regarding the services offered by OREX, thereby facilitating its further expansion. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230926843087/en/ Open RAN services provided by OREX (OREX Packages) (Graphic: Business Wire) OREX is DOCOMO’s Open RAN service brand, developed in collaboration with multiple global vendors. It can be customized to address the unique challenges of each customer. The introduction of OREX Open RAN services is expected to reduce clients’ total cost of ownership by up to 30% when the costs of initial setup and ongoing maintenance are taken into account. It can also reduce the

Lattice Introduces Industry’s First Small Embedded Vision FPGA with Integrated USB26.9.2023 23:00:00 EEST | Press release

Lattice Semiconductor (NASDAQ: LSCC), the low power programmable leader, today announced the Lattice CrossLinkU™-NX FPGA family, the industry’s first FPGAs with integrated USB device functionality in their class. CrossLinkU-NX FPGAs help accelerate USB-equipped system designs and simplify thermal management through a combination of a hardened USB controller and physical layer (PHY), a unique low power standby mode, and a complete set of reference designs. Extending Lattice’s embedded vision sensor bridging leadership with USB host interfaces, CrossLinkU-NX FPGAs are designed to meet growing customer needs to simplify USB-based design for applications across the Computing, Industrial, Automotive, and Consumer markets. “Reducing power consumption, total cost of ownership, and design footprint are critical for expanding the potential of AI and vision applications,” said Dan Mansur, Vice President, Product Marketing, Lattice Semiconductor. “Lattice CrossLinkU-NX FPGAs are optimized to addr

Demand Increases for Project Professionals with AI Skills, Yet PMI Research Finds Only 18% Have Practical Experience26.9.2023 18:00:00 EEST | Press release

Project Management Institute (PMI), the world's leading organization for the project management profession, is empowering millions of global project professionals worldwide to adopt, embrace, and leverage artificial intelligence (AI), machine learning (ML), and generative AI (GenAI). PMI is developing the tools, resources, and learning opportunities – including a free, introductory online course entitled “Generative AI Overview for Project Managers” – project professionals need to leverage AI powered technology while preserving the human touch in project management. According to McKinsey, GenAI and other technologies have the potential to automate work activities that absorb 60 to 70 percent of employees’ time today. But tools cannot automate interpersonal skills, the invaluable and very necessary skills project managers bring to projects. Communication, problem-solving, collaborative leadership, and strategic thinking – skills PMI calls “power skills” – will continue to be crucial to

Aktana Announces New Strategy Suite to Give Biopharma Leaders Unprecedented Visibility and Control Over Omnichannel Campaign Effectiveness26.9.2023 18:00:00 EEST | Press release

Today, at the inaugural Aktana Innovation Exchange (AIx) event, Aktana, Inc., the leader in intelligent customer engagement for the global life sciences industry, announced three new products that transform customer engagement programs by dynamically tightening the connection between strategy, tactical execution and time to impact. AIx is a collaborative event hosting executives from more than 35 life sciences and technology companies with the sole mission of improving the rate of innovation in applying AI and machine learning to commercial and medical programs. In recent research conducted by Aktana with 20 biopharma companies, more than 75% of respondents cited a severe challenge in achieving direct line of sight of how strategies are being executed in the field and knowing when tactics should be modified. The gap between strategy and delivering precision execution of pharmaceutical commercial campaigns is a constant hurdle across the industry, with new drug launches failing to meet

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom