Canvas Category OEM : Chemical

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Primary Location Leverkusen, Germany

Financial Status FRA: 1COV

Covestro is among the leading suppliers of premium polymers. Our materials and application solutions are found in nearly every area of modern life. Innovation and sustainability are the driving forces behind the continuous development of our products, processes and facilities.

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BioBTX secures over € 80 million to launch world’s first renewable aromatics plant

📅 Date:

🔖 Topics: Funding Event

🏢 Organizations: BioBTX, Invest-NL, Infinity Recycling, Covestro

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 every-day 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 world-wide.

The € 80 million investment round includes € 42 million in equity from new shareholders Invest-NL, Infinity Recycling, and Covestro, alongside existing shareholders Carduso Capital, NOM and Groninger Groeifonds, and others. Additional funding comprises of € 15 million in debt financing from the Polestar Capital Circular Debt Fund and € 4 million from the Province of Groningen, a € 14 million grant from the Dutch Government via RVO, and other subsidies. Invest-NL’s investment is partly backed by InvestEU, a European Commission program that supports initiatives aligned with EU policy priorities.

Read more at BioBTX News

Stratasys set to acquire Covestro's 3D printing materials business

📅 Date:

✍️ Author: Sam Davies

🏢 Organizations: Stratasys, Covestro

Stratasys has announced an agreement with Covestro to acquire the chemical company’s additive manufacturing business. The deal is expected to close in Q1 of 2023. The deal includes a fixed amount of 43 million EUR and the potential earnout of up to 37 million EUR subject to the achievement of various performance metrics. It is expected to close in Q1 2023 and follows Stratasys’ acquisitions of Origin, RPS and Xaar 3D in the last two years.

Read more at TCT Magazine

Seeq Accelerates Chemical Industry Success with AWS

📅 Date:

🔖 Topics: IIoT

🏭 Vertical: Chemical

🏢 Organizations: Seeq, AWS, Covestro, allnex

Seeq Corporation, a leader in manufacturing and Industrial Internet of Things (IIoT) advanced analytics software, today announced agreements with two of the world’s premier chemical companies: Covestro and allnex. These companies have selected Seeq on Amazon Web Services (AWS) as their corporate solution, empowering their employees to improve production and business outcomes.

Read more at Automation