Avantium spins off CO₂ technology into a new company

Avantium has spun off its CO₂ conversion technology, Volta Technology, into a new company: Carbeau. The Amsterdam-based company has immediately raised 35.2 million euros in funding to further scale up and commercialize the technology. Carbeau is developing a technology that uses electricity to convert captured CO₂ into valuable chemical building blocks.

Of the total funding, 23.7 million euros consists of investments from GKT, Invest-NL, Al Baleed Petrochemical, and NOM. In addition, Avantium is contributing 11.5 million euros in technology and other assets. Following the transaction, Avantium will retain a 32.7 percent stake in Carbeau.

Plastics and cosmetics

Carbeau plans to use the technology to produce, among other things, glycolic acid for the cosmetics market and PLGA, a compostable plastic. According to the company, these materials could eventually compete with fossil-based alternatives.

Pilot plant in Delfzijl

The new company is setting up operations at Amsterdam Science Park and plans to build a pilot plant in Delfzijl. According to Carbeau, the region is attractive because of its existing industry, renewable energy, and developments in the field of CO₂ capture and reuse.

A financially challenging period

This move follows a financially challenging period for Avantium. In recent years, the company has struggled with higher costs and delays in the construction and startup of its PEF plant in Delfzijl. As a result, it had to raise additional capital to secure financing. With Carbeau, Avantium is once again bringing external investors on board to further develop a promising technology.