- September 2021: Operational start-up of the demonstration
plant in Clermont-Ferrand
- Fundraising of €114 million, the largest capital increase in
history on Euronext Growth Paris1
- Confirmation of the ambition to market enzymatically
recycled PET by 2025, notably with the construction of a reference
unit of c. 40kt capacity
- Full takeover of Carbiolice through the acquisition of the
SPI’s fund stake
- First samples of food-grade PET bottles produced from
enzymatically recycled plastic by Carbios and its Consortium
partners, L’Oréal, Nestlé Waters, PepsiCo & Suntory Beverage
and Food Europe
- Carbios and Michelin take a major step towards developing
100% sustainable tires
- Cash position of €112 million as of June 30th, 2021
Regulatory News:
Carbios (Paris:ALCRB) (Euronext Growth Paris: ALCRB) (the
“Company”), today reported its operating and financial
results for the first half of 2021. The financial statements as of
June 30th, 2021, were approved by the Company’s Board of
Directors.
“We have successfully reached a decisive milestone in the
scaling-up of our PET enzymatic recycling technology with the
operational start-up of our industrial demonstration facility in
Clermont-Ferrand. During the first half of 2021, our teams did
their utmost to achieve this objective, which should enable us to
start, by the end of 20222, the construction of its first of
kind reference unit with an estimated production capacity of 40,000
tons per year and to grant, by 2023, the first operating licenses
for this breakthrough innovation. We also strengthened the Group’s
financial structure by raising a landmark €114 million, which was
more than twice oversubscribed. This transaction enabled us to take
full control of Carbiolice. Following this acquisition, we have
initiated a review of Carbiolice’s strategic ambitions to support
the acceleration of its growth and to extend the application of
Evanesto® to other polymers and other applications worldwide. In
partnership with the Consortium members, we also produced the
world’s first food-grade PET bottles entirely made from
enzymatically recycled plastic.
These achievements confirm our ambition and medium-term
strategic vision to position Carbios as a key player in the
environmental transition,” said Jean-Claude Lumaret, CEO of
Carbios.
- Income statement – First-half 2021:
(In thousand euros)
June 30, 2021
(6 month)
June 30, 2020
(6 month)
Revenue and other
income
568
849
Operating
expenses
6,143
3,567
Operating income
(loss)
(5,575)
(2,718)
Net financial income
(loss)
(39)
(50)
Pre-tax
profit
(5,614)
(2,768)
Extraordinary profit
(loss)
15
39
Income tax (Research
Tax Credit)
(1,182)
(469)
Net
income/loss
(4,417)
(2,260)
As of June 30, 2021, revenue and other income amounted to €568K
versus €849K in the first half of 2020 and mainly comprises
subsidies from the ADEME for the ongoing CE-PET3 project and
invoicing of services.
During the first half of 2021, operational expenses stood at
€6.143 million (€m) compared to €3.567m for the same period in
2020. This sharp increase is mainly due to the growth in staff
costs, particularly with the arrival of the first employees
assigned to the demonstration facility. In addition, rental and
maintenance expenses also increased with the lease of the Michelin
site hosting the recently inaugurated demonstration unit in
Clermont-Ferrand. To a lesser extent, acceleration of R&D
effort on the CE-PET project also contributed to the increase of
operational expenses over the period.
As a result, the net loss for the period reached €4.417m versus
€2.260m for the first half of 2020, after taking into account the
positive effect of the research tax credit of €1.182m.
Financial structure strengthened following the success of a
historic €114m capital increase.
Carbios shows a solid financial structure, with a cash position
of €112m as of June 30, 2021 versus €29m as of December 31,
2020.
The reinforcement of the Company’s financial position following
the capital increase4 dated May 2021, enabled the Company to take
over the entire stake of the SPI funds in the capital of
Carbiolice5 for €17.9m.
Given the financial situation as of June 30, 2021, and the
Company’s projected operational expenses, Carbios should be able to
cover its financial needs for the next 24 months.
Highlights of the first half of 2021
and post-closing:
- Strategic update as of April 2021
In April 2021, Carbios announced its plan to build a first of a
kind 100% PET recycling production unit exploiting its technology
(the “Unit”).
This Unit is expected to enable an annual production of 40,000
tons of recycled PET. It will also strengthen the Company’s
business model which remains the licensing of its technologies and
know-how and the sale of enzymes to its licensees, who will build
their own PET recycling production units.
As a reminder, the provisional calendar6 and key steps for the
building of the Unit are the following:
2021 – 2022: Site selection and engineering studies for
the Unit; End 20226: beginning of the construction of the
Unit; End 20246: Start-up of the Unit; and 20256:
First revenues generated from the Unit.
- R&D parternship with Michelin
In April 20217, Carbios and Michelin, a leader in sustainable
mobility, announced a major step towards developing 100%
sustainable tires. By obtaining highly technical fibers from used
PET plastics that meet the performance requirements for use in
tires, Carbios and Michelin achieved a world first and demonstrated
the full extent of the enzymatic recycling process designed and
developed by Carbios.
- Agreement with a major PET producer
In April 20218, Carbios announced the signature, on April 15,
2021, of a non-binding and non-exclusive Letter of Intent with one
of the world leading PET producers. This agreement will enable
Carbios to carry out its ongoing studies to select the site, among
those operated by this PET producer, which will be the most
suitable, technically and economically, to build a 100 % PET
recycling reference unit.
- First samples of bottles produced with the Company’s PET
Consortium
In June 20219, Carbios and its partners within its PET
Consortium - L’Oréal, Nestlé Waters, PepsiCo et Suntory Beverage
& Food Europe – announced the successful production of the
first samples of food grade PET plastic bottles produced entirely
from enzymatically recycled plastic, a world first. Based on the
use of Carbios’ enzymatic PET recycling technology, each Consortium
company has successfully manufactured sample bottles for some of
their leading products including: Biotherm®, Perrier®, Pepsi Max®
and Orangina®.
- Operational start-up of the demonstration plant: Carbios
enters the industrial phase of its technology
In line with its projected timeline, Carbios started operating
its industrial facility in September 2021. Based in
Clermont-Ferrand, this demonstration plant brings the Company one
step closer to the industrial and commercial stage and prefigures
the design of future industrial units. By the end of 2022, Carbios
intends to finalize the complete Process Design Package
(engineering documents) for its enzymatic recycling process, which
should enable the construction of a first reference unit, with an
estimated capacity of 40,000 tons per year, as well as future
plants operated under license.
The implementation of this demonstration plant in
Clermont-Ferrand also enables Carbios and Michelin to pool the
utilities and services required to operate this facility.
- A strengthened financial structure to support
development
In May 202110, Carbios announced the successful completion of
a capital increase without shareholders’ preferential
subscription rights by way of a public offering and with a priority
subscription period. The Company issued 3,000,000 new ordinary
shares with a nominal value of €0.70 each, at a price of €38 per
share, including issue premium, for a total amount of €114m,
representing 36.7 % of the Company’s share capital. Strategic
shareholders: L’Oréal, through its venture arm BOLD (Business
Opportunities for L’Oréal Development) and Michelin Ventures,
subscribed to the Offering in accordance with the commitments they
had made, for a total amount of €11,4m. L’Occitane Group also
subscribed for an amount of €10m. These supports, along with the
strong demand expressed by international institutional investors
and individuals eligible to the public offering, underlines the
strength the Company and its management team has gained.
This capital increase, which has attracted strong support from
investors, also contributes to the international diversification of
Carbios’ shareholder base and is a significant step forward towards
supporting the Company’s development.
Evolution of the Board of
Directors:
At its General Meeting dated June 23, 2021, Mrs. Mieke
JACOBS and Mr. Vincent KAMEL, as well as the Companies
Business Opportunities for L’Oréal Development (BOLD) and
Michelin Ventures, were appointed members of the Board of
the Company, for a duration of four years, expiring at the term of
the Annual General Meeting to be held in 2025 and which will be
called to approve the financial statements for the year ended
December 31, 2024.
Evolution of the Executive
Committee:
In June 202111, Mrs. Lise LUCCHESI, Intellectual Property
Director and Mrs. Vanina VARLAMOFF, Legal Affairs &
Human Resources Director were appointed as members of the Executive
Committee of the Company.
- Strengthening of Intellectual Property
During the first half of 2021, Carbios pursued the procedures on
its active policy of securing its technologies and know-how with
the filing of a new patent application protecting its enzymatic PET
recycling process.
Carbios has also consolidated its Intellectual Property
portfolio with new grants of major patents in the United States,
Canada, China, India and Japan contributing to protect the various
technologies developed by the Company.
As of June 30, 2021, Carbios’ intellectual property portfolio
included 39 families of patents (including one under an exclusive
worldwide license with the CNRS and University of Poitiers),
representing 204 patent titles filed across the world’s key regions
and 39 patents already delivered. Of these patent families, 19 are
related to Carbios’ proprietary PET recycling technology with
applications filed in Europe, U.S., Canada, Mexico, China, India,
Thailand, Indonesia, South Korea and Japan.
These patent families cover the different areas of the Company
(biodiversity, enzymatic recycling, enzymatic biodegradation and
bioproduction).
In June 202112, Carbios announced the acquisition of the SPI
fund’s entire stake of Carbiolice capital (37,29%). This
acquisition, which took place on June 3, 2021, for €17.9m, closes
five years of fruitful collaboration with the SPI fund. Following
this transaction paid exclusively in cash, Carbios now holds 100%
of Carbiolice’s voting rights13. This acquisition, which follows
the one, dated October 2020, of Limagrain Ingredients’ entire stake
in Carbiolice14 (18,02%), is part of the rationalization of the
Company’s portfolio, as announced at the time of its successful
capital on May 10, 202115.
These two successive transactions demonstrate Carbios’ interest
in Carbiolice’s developments and in its ability to expand its
activities in polymer biodegradation beyond PLA. It also reinforces
Carbios’ ambition to position itself as the world leader in
biological technologies to reinvent the end-of-life of plastics and
synthetic fibers.
In September 202116, Carbiolice has announced that it has
obtained the TÜV Austria label for rigid PLA-based packaging (up to
70%) containing Evanesto®. This new step allows everyday packaging
(yogurt pots, trays, cups, and also horticultural pots…) to be
labelled “Ok Compost Home” by TÜV Austria. Thus, rigid packaging
containing Evanesto® will turn into compost in 255 days, even at
room temperature and therefore in domestic conditions.
In June 202117, Carbiolice announced that it has received the
Efficient Solution label from the Solar Impulse Foundation
for its Evanesto® solution. To receive this label, the technology
implemented by Carbiolice has been evaluated by a group of
independent experts according to five criteria covering the three
main themes of technical feasibility, social & environmental
impact and economic profitability.
In May 202118, Carbiolice announced that it has received the
Green Innovation label from the French Ecological Transition
Ministry. This recognition attests to the innovative nature of
the enzymatic biodegradation technology of PLA-based plastics
implemented by Carbiolice and its ability to make a significant
contribution to the ecological transition. Carbiolice thus joins
the network of 216 start-ups labeled Greentech Innovation since its
creation in 2016.
In June 202119, Carbios has announced it has been recognized as
a Technology Pioneer by the World Economic Forum. The
Techpioneers selected from hundreds of candidates by the World
Economic Forum are fast-growing companies with a global presence.
They develop innovations and use technologies that have a
significant impact on business, society and the environment. The
2021 Techpioneers have been selected on criteria such as
innovation, impact, leadership and relevance of the company to the
World Economy Forum’s platforms.
In June 202120, Carbios also won the "Grand Prix" of the
Scale Up Challenge at the World Materials Forum (WMF) for the
development of its enzymatic recycling process of PET waste
allowing the production of transparent food grade bottles. The
award recognizes growth companies that have a high potential impact
on the WMF's goal of decoupling economic growth from the use of our
natural resources.
About Carbios:
Carbios, a green chemistry company, develops biological and
innovative processes representing a major innovation in the end of
life of plastics and textiles. Through its unique approach of
combining enzymes and plastics, Carbios aims to address new
consumer expectations and the challenges of a broader ecological
transition by taking up a major challenge of our time: plastic and
textile pollution.
Established in 2011 by Truffle Capital, the mission of Carbios
is to provide an industrial solution to the recycling of PET
plastics and textiles (the dominant polymer in bottles, trays,
textiles made of polyester). The enzymatic recycling technology
developed by Carbios deconstructs any type of PET plastic waste
into its basic components which can then be reused to produce new
PET plastics of a quality equivalent to virgin ones. This PET
innovation, the first of its kind in the world, was recently
recognized in a scientific paper published in the prestigious
journal Nature. Additionally, Carbios is working hand in hand with
multinational brands — like L’Oréal, Nestlé Waters, PepsiCo and
Suntory Beverage & Food Europe — to implement its technology,
and to lead the transition toward a truly circular economy.
The Company has also developed an enzymatic biodegradation
technology for PLA (a bio sourced polymer) based single use
plastics. This technology can create a new generation of plastics
that are 100% compostable in domestic conditions, integrating
enzymes at the heart of the plastic product. This disruptive
innovation has been licensed to Carbiolice, a joint venture created
in 2016, in which Carbios now holds 100% of the capital.
For more information, please visit www.carbios.com/en
Twitter: Carbios LinkedIn: Carbios Instagram : carbioshq
Carbios (ISIN FR0011648716/ALCRB) is eligible for the PEA-PME, a
government program allowing French residents investing in SMEs to
benefit from income tax rebates.
Translation is for information purposes only.
In case of discrepancy between the French and the English version
of this press release, the French version shall prevail.
1 Source: Euronext 2 Estimated date, depending on the choice of
the construction site and the grant of the authorizations to build
and operate 3 Project carried out as part of the Investment for the
Future program operated by ADEME (French Environmental and Energy
Management Agency)/ agreement n° 1882C0098. 4 Cf. press release
dated July 23, 2020 5 Cf. press release dated June 4, 2021 6
Estimated dates, depending on the choice of the construction site
and the grant of the authorizations to build and operate 7 Cf.
press release dated Avril 23, 2021 8 Cf. press release dated April
26, 2021 9 Cf. press release dated June 24, 2021 10 Cf. press
release dated May 10, 2021 11 Cf. press release dated July 5, 2021
12 Cf. press release dated June 4, 2021 13 The Company holds
29,500,000 of the 29,502,000 shares comprising the share capital of
Carbiolice. The remaining 2,000 shares are held by the management
of Carbiolice. 14 Cf. press release dated October 8, 2020 15 Cf.
press release dated May 10, 2021 16 Cf. Carbiolice press release
dated September 2, 2021 17 Carbiolice press release dated January
20, 2021 18 Cf. Carbiolice press release dated May 3, 2021 19 Cf.
press release dated June 15, 2021 20 Cf. communication of the World
Materials Forum dated June 17, 2021
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210930005732/en/
Carbios
Benjamin Audebert Investor Relations Laura Perrin
& Agnès Mathé Communication Department contact@carbios.com
+33 (0)4 73 86 51 76
Media Relations (Europe)
Tilder Marie-Virginie Klein mv.klein@tilder.com +33 (0)1 44 14 99 96
Media Relations (U.S.)
Rooney Partners Kate L. Barrette
kbarrette@rooneypartners.com +1 212 223 0561
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