Paques Biomaterials: Further financing round completed - Testing of technology for the production of PHA biopolymers

The Dutch technology company Paques Biomaterials has closed a financing round totalling 14 million euros.

According to Paques' press release, investors included the investment agency Invest-NL and the regional development organisation NOM for the north of the Netherlands. The funds will be used to further test and scale up the technology developed by Paques for the production of biopolymers based on polyhydroxyalkanoates (PHA).

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According to the press release, Paques is initially planning to build a pilot plant for its technology at the Getec industrial park in Emmen in the northern Dutch province of Drenthe. Later, a commercial plant with an annual capacity of 6,000 tonnes of Caleyda brand PHA biopolymers is to be built at the same site. According to media reports, the total costs for the two plants in Emmen are estimated at around 58 million euros.

Company CEO Joost Pâques explained in the latest press release: "It's great to see how much confidence investors have in our technology. They give us the opportunity to grow the company and take the next step in creating a new circular chain in which we produce a natural alternative to plastic from organic materials. This financing round will enable the entry of new investors who want to invest in a future with sustainable materials."

Paques Biomaterials is currently trialling its PHA technology in a demonstration plant in Dordrecht in the province of South Holland, which will go into operation in 2022. For the further development of the process, the company has also concluded cooperation agreements with the Dutch companies Looop (Venlo) and Senbis Polymer Innovations (Emmen) as well as with South Korean Kolon Industries.

More information: www.paquesbiomaterials.nl

Paques Biomaterials, Balk, Netherlands