CARBIOS, (Euronext Growth Paris : ALCRB), a pioneer in the development and industrialization of biological technologies to reinvent the life cycle of plastic and textiles, is postponing the construction of its PET biorecycling plant in Longlaville for 6 to 9 months due to delayed funding pending completion of additional financing under satisfactory conditions. CARBIOS’ ambition is to finalize this financing, notably non-dilutive, as quickly as possible, so as to serve market needs from 2027. CARBIOS expects to sign several binding commercial contracts in the first half of 2025.
CARBIOS has delayed its PET biorecycling plant construction in Longlaville by 6-9 months due to pending non-dilutive funding, targeting market readiness by 2027.
With ~$96.51 million cash reserves, CARBIOS aims to secure financing and control expenses, ensuring liquidity.
Interim CEO Philippe Pouletty announced strategic adjustments amid ongoing commercial discussions.
Without calling the plant construction project into question, the decision to postpone the project enables CARBIOS to slow down the pace of cash burn on the project, and to pursue commercial discussions without liquidity pressure. Given the 6 to 9-month planned shift in the construction of the Longlaville plant and tighter control over spending, CARBIOS, with cash reserves of €92.8 million (~$96.51 million) as of November 30, 2024, supplemented by €19.6 million (~$20.38 million) in term deposits classified as financial assets, is well-positioned to meet its needs beyond the next twelve months.
“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. I am delighted that Vincent Kamel, a Director since 2021 with exceptional international industrial experience in specialty chemicals, has agreed to work alongside me.” – Philippe Pouletty, founder, chairman of the board of directors and new interim CEO of CARBIOS
Fibre2Fashion News Desk (HU)
