CARBIOS, a pioneer in the development and industrialization of biological technologies aimed at reinventing the life cycle of plastics and textiles, is postponing construction work on its PET biorecycling plant in Longlaville by 6 to 9 months pending the conclusion of additional financing under satisfactory conditions.

CARBIOS' ambition is to finalize this financing, particularly non-dilutive financing, as soon as possible in order to be able to produce initial volumes and meet market needs from 2027. CARBIOS plans to sign several commercial contracts during the first half of 2025.

Without jeopardizing the construction of the plant, this decision to postpone it allows CARBIOS to slow down the rate of cash burn related to the project and to continue its commercial discussions without liquidity pressure. Given the planned delay of 6 to 9 months in the construction of the Longlaville plant and tighter management of its expenses, CARBIOS, whose cash position as of November 30, 2024 amounts to €92.8 million, to which is added €19.6 million in term deposits classified as financial assets, is able to meet its needs beyond the next twelve months.

“To ensure the prudent execution of our strategy and to best protect our cash flow in a complex environment, we are postponing the construction work on the plant in line with the expected timetable for public aid and the negotiation of the necessary additional non-dilutive financing. I am delighted that Vincent Kamel, a director since 2021 and who has exceptional international industrial experience in the field of specialty chemicals, has agreed to work alongside me,” said Philippe Pouletty, Founder, Chairman of the Board of Directors and new Interim CEO of CARBIOS.