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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 VenturesIndorama 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
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version on businesswire.com: https://www.businesswire.com/news/home/20230601005872/en/
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
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