The Polestar Capital Circular Debt Fund announces its €15 million debt financing of BioBTX, a pioneering developer of renewable aromatics technology in the Netherlands. In total, BioBTX has secured over €80 million to launch the world's first commercial-scale renewable chemicals plant, utilising BioBTX's innovative technology to produce sustainable aromatics (BTX) from plastic waste and biomass.

BioBTX is at the forefront of the circular chemical industry

By converting plastic waste and biomass into renewable aromatics, BioBTX is spearheading the creation of a circular chemical industry, significantly reducing carbon emissions and reliance on fossil fuels. Aromatics, essential for producing everyday products like insulating foams, coatings, PET bottles, batteries, and pharmaceuticals, will now have a sustainable alternative to fossil-based sources, presenting a major opportunity for circular business models. As a leading technology developer since 2012, Groningen-based BioBTX aims to scale up its revolutionary technology at the PETRA Circular Chemicals Plant in Delfzijl. The PETRA plant will convert 20,000 tons of mixed plastic waste annually into renewable aromatics, replacing fossil resources and recycling low-value plastic waste into high-value chemicals. Once production is proven, the company intends to roll out the technology to chemical industry customers worldwide.

The Polestar Capital Circular Debt Fund (PCDF)

PCDF is the biggest circular debt fund of Europe, recently closing its fundraising with €240 million capital. Through PCDF, Polestar Capital invests in innovative circular projects with the potential to create worldwide systemic ecological impact, both by waste reduction and recycling and by the replacement of fossil fuels. This lowers the use of virgin resources, as well as carbon emissions. Often, these projects have difficulty raising enough funding. Banks usually find such projects too innovative and the projects are generally too capital intensive for venture capitalists to finance entirely with equity. By closing this funding gap, PCDF allows circular production companies to prove their technologies and business models on a commercial scale. In doing so, the fund paves the road for other financiers to finance the further scaling of these technologies.

Accelerating the transition to a circular economy

Ton Vries, CEO of BioBTX, says: "We are proud to welcome Polestar Capital as a finance provider. Thanks to its specialist approach and customisation, the PCDF debt financing fits well with the needs of BioBTX, allowing us to build our plant in Delfzijl. A milestone like this is only achieved when parties come together to contribute to a greater goal. This funding is a crucial step in creating a sustainable pathway for the chemical industry – and we are excited to take the lead from Groningen".

Jan-Willem König, director of Polestar Capital, comments: "With the financing of BioBTX, PCDF enables one of the most promising innovative circular projects in the Netherlands. BioBTX has developed a unique and very promising technology with the potential to accelerate the transition to a circular economy. The PETRA Circular Chemicals Plant in Delfzijl will significantly reduce carbon emissions and reliance on fossil fuels. PCDF is proud to be one of the financiers, contributing to a more sustainable chemical industry".