Carbios increases stake in Carbiolice

Carbios increases stake in Carbiolice
<![CDATA[

On Oct. 8, French company Carbios acquired Limagrain Ingredients’ stake in the capital of Carbiolice, a joint company created in 2016 around an enzymatic biodegradation technology Carbios licensed.

The purchase was funded partially in cash but mostly through the issuance of new ordinary shares by Carbios, according to the company.

As a result of this acquisition, Carbios says it has 34 million euros in cash now compared with 13.9 million euros as of June 30 of this year, adding that the company should be able to cover its financial needs until the fourth quarter 2022.

Carbios says the transaction “highlights the confidence in Carbiolice’s growth potential and Carbios’ intention to remain its long-term reference shareholder.”

In addition to the enzymatic recycling process developed in-house by Carbios, the PLA1 biodegradation technology from Carbiolice will enable the commercialization of a new generation of plastics that is compostable in domestic conditions, making it possible to achieve zero waste for certain flexible and rigid packaging, the company says.

“The fruitful collaboration between Limagrain Ingredients and Carbios has enabled the development of an industrial biotech that is among the most innovative in Europe in the field of compostable packaging,” Jean-Claude Lumaret, chief executive officer of Carbios, says. “The acquisition of Limagrain Ingredients’ shareholding in Carbiolice is consistent with our desire to strengthen value creation for our shareholders. We are confident that this transaction will enable us to better prepare for the commercial launch of Evanesto and the execution of our growth strategy.”

Prior to the offering, Carbios and Limagrain Ingredients held 52.7 percent and 18.02 percent, respectively, of Carbiolice’s share capital. At the end of the offering, Carbios’ stake in Carbiolice’s capital will be increased to 70.72 percent, the balance being held by the SPI fund operated by Bpifrance. Following the exercise of the fourth and final phase of Carbiolice share subscription warrants for an amount of 7.3 million euros (of which 2.8 million euros carried by Carbios and the balance by the SPI fund), which is expected to take place by the end of October 2020, Carbios will hold 62.71 percent of the shares making up Carbiolice’s share capital.

Carbios was created in 2011 by Truffle Capital and has developed two industrial processes for the biodegradation and recycling of polymers.

]]>
Source: Recycling Today
Carbios increases stake in Carbiolice
<![CDATA[On Oct. 8, French company Carbios acquired Limagrain Ingredients’ stake in the capital of Carbiolice, a joint company created in 2016 around an enzymatic biodegradation technology Carbios licensed.The purchase was funded partially in cash but mostly through the issuance of new ordinary shares by Carbios, according to the company.As a result of this acquisition, Carbios says it has 34 million euros in cash now compared with 13.9 million euros as of June 30 of this year, adding that the company should be able to cover its financial needs until the fourth quarter 2022.Carbios says the transaction “highlights the confidence in Carbiolice’s growth potential and Carbios’ intention to remain its long-term reference shareholder.” In addition to the enzymatic recycling process developed in-house by Carbios, the PLA1 biodegradation technology from Carbiolice will enable the commercialization of a new generation of plastics that is compostable in domestic conditions, making it possible to achieve zero waste for certain flexible and rigid packaging, the company says.“The fruitful collaboration between Limagrain Ingredients and Carbios has enabled the development of an industrial biotech that is among the most innovative in Europe in the field of compostable packaging,” Jean-Claude Lumaret, chief executive officer of Carbios, says. “The acquisition…