Carbios is a French green chemistry company dedicated to the development of industrial bioprocesses for the bio-recycling and biodegradation of plastic polymers.
Carbios has developed enzymatic processes for polymer degradation, allowing broad applications that include infinite bio-recycling for polyethylene terephthalate (PET) polymers as well as biodegradation for polylactic acid polymers (PLA). Carbios’ mission is to provide an industrial solution to the recycling of plastic and textile products made from PET, which is the predominant polymer in bottles, trays and textiles made of polyester.
A consortium comprising L’Oréal, Nestlé Waters, Suntory Beverage, PepsiCo and Carbios was created in 2019 to promote Carbios’ unique “infinite recycling” PET technology.
Proceeds of the EUR 114m offering will mainly be used to finance construction of a first-of-its-kind 100% PET recycling facility with capacity for 40K tonnes per year, with construction starting in end 2022.
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 energy 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 a majority stake alongside the SPI fund operated by Bpifrance.
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High-quality French and international demand allowed for full exercise of the offer size extension, enabling an offer of three million shares raising EUR 114m in gross proceeds for the company.
The offer price of EUR 38 per share, representing a discount of 7.3% vs. offering max price (EUR 41), was one of the tightest discounts on record for a capital increase, representing c. 32% of the pre-deal share capital.
There was strong support from existing industrial shareholders such as Michelin and L’Oréal, as well as new French cosmetic group L’Occitane, which was also brought in via a large anchor order.
This is the third consecutive capital raise led by Bryan, Garnier & Co for Carbios, coming after EUR 14.5m and EUR 37m Follow-on Offerings in 2019 and 2020.