CARBIOS, a leader in developing and industrializing biological technologies to transform the lifecycle of plastics and textiles, has announced a 6 to 9-month delay in the construction of its PET biorecycling plant in Longlaville. This postponement is attributed to delayed funding, with the company awaiting the completion of additional financing under favorable terms. CARBIOS is actively pursuing non-dilutive funding to expedite the process, aiming to meet market demands by 2027. Binding commercial contracts are expected to be finalized in the first half of 2025.

The decision to delay construction does not alter CARBIOS' commitment to the project but allows the company to reduce cash burn and manage commercial discussions without financial strain. As part of its strategy, CARBIOS is focusing on tighter control over project spending while maintaining its long-term objectives.

As of November 30, 2024, CARBIOS reported cash reserves of €92.8 million, bolstered by €19.6 million in term deposits classified as financial assets. This financial position ensures the company can sustain its operations and project development for more than the next twelve months, even with the adjusted timeline.

Philippe Pouletty, founder and Chairman of the Board of Directors, who has recently taken on the role of interim CEO, highlighted the importance of prudent financial management in navigating a challenging economic environment. He stated, "To ensure the prudent execution of our strategy and safeguard our cash flow in a complex environment, we are postponing construction of the plant in line with the expected timetable for public grants and the negotiation of the necessary additional non-dilutive financing."

Additionally, Pouletty expressed his satisfaction with the involvement of Vincent Kamel, a Director since 2021, who brings extensive international industrial experience in specialty chemicals. Kamel will play a significant role in supporting CARBIOS’ leadership team during this period.

The company’s adjusted timeline reflects its strategic focus on balancing financial sustainability with the delivery of innovative solutions. By rescheduling the Longlaville plant construction, CARBIOS remains well-positioned to achieve its objectives while optimizing resource allocation and maintaining flexibility in its operational approach. This decision underlines CARBIOS' resilience and commitment to advancing its groundbreaking PET biorecycling technology, ultimately contributing to a more sustainable plastics and textiles industry.

CARBIOS is a biotechnology company specializing in the development and industrialization of biological solutions to reinvent the lifecycle of plastics and textiles. Inspired by nature, CARBIOS creates enzyme-based biological processes to break down plastics, aiming to prevent plastic and textile pollution while accelerating the transition to a circular economy. The company’s two groundbreaking technologies, dedicated to PET biorecycling and PLA biodegradation, are currently being scaled up for industrial and commercial applications.