Paques Biomaterials raises €14 million for the development of biodegradable plastic
On January 26, Paques Biomaterials successfully concluded a new funding round, raising €14 million. With this amount, the company can embark on the next phase of producing an innovative biopolymer. This biopolymer offers the advantages of plastic without its drawbacks. Investors such as Invest-NL and NOM participated in this funding round.
Over a decade ago, Paques Biomaterials, in collaboration with the Technical University Delft, initiated the development of this biopolymer from wastewater. The technology was transferred to Paques Biomaterials three years ago. With the proceeds from this funding round, the company plans to scale up by constructing a Caleyda Extraction Facility in Emmen. In this facility, raw PHA is extracted into high-quality biopolymer under the brand name Caleyda, suitable for various applications. Importantly, the product is fully biodegradable in any natural environment, leaving no harmful microplastics behind.
Over the past three years, the technology behind the Caleyda product has been further developed. Bacteria in organic waste streams produce the biopolymer PHA. Paques Biomaterials extensively tested the technology on laboratory and pilot scales. In 2022, in collaboration with five Dutch water boards and the company HVC, a demo installation was realized in Dordrecht. In 2023, the company also entered into collaborations with Kolon Industries in South Korea, Looop in Venlo, and Senbis Polymer Innovations in Emmen to refine the technology.
Joost Paques, co-founder and CEO of Paques Biomaterials, expresses his excitement about the investors' confidence in their technology. He emphasizes that this funding round provides space for new investors who wish to contribute to a future with sustainable resources.
Paques Biomaterials has ambitious plans for the future, including the construction of a full-scale extraction plant where the promising biopolymer PHA will be produced on a large scale (6 million kg per year). The potential for PHA is significant, with global demand projected to grow exponentially in the coming years, according to European Bioplastics. The global bioplastics market is estimated to grow from 2.18 million tons in 2023 to 7.43 million tons in 2028, with PHA expected to increase from one hundred thousand tons in 2023 to one million tons in 2028.
