French biotech giant Carbios has postponed construction of a pioneering recycling plant in the country for up to nine months.
The firm said funding for the project had been delayed but added that it aimed to finalise financing “as quickly as possible”.
Carbios was granted a planning permit in 2023 to build the world’s first PET biorecycling plant in Longlaville, which was initially expected to open this year.
However it announced shortly before Christmas 2024 that work on site would be put back by at least six months.
Carbios said this decision was “due to delayed funding pending completion of additional financing under satisfactory conditions”.
It added that its “ambition” was to “finalise this financing, notably non-dilutive, as quickly as possible, so as to serve market needs from 2027”, and added that it “expects to sign several binding commercial contracts in the first half of 2025”.
The firm said the relaxation of the construction timetable would allow it to “pursue commercial discussions without liquidity pressure”.
“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,” said chair and founder Philippe Pouletty.
