Renewable and circular polymer materials provider Avantium announced the spin-out of its electrochemical platform, Volta Technology, focused on converting CO2 into raw materials, into a new, independent company named Carbeau.
At launch, Carbeau has raised €35.2 million (USD$40.1 million) in total funding, including €23.7 (USD$27 million) in cash from external investors and an €11.5 million (USD$13.1 million) in-kind contribution (non-cash) from Avantium.
Amsterdam-based Carbeau’s electrochemical platform converts CO2 using electricity into valuable chemical building blocks. The approach enables the transformation of CO2 from a waste emission into feedstock supporting the production of high value, renewable products with limited to negative carbon emissions, the company said.
According to the company, its initial product focus includes glycolic acid for the personal care market and PLGA, a compostable plastic offering strong barrier properties and marine degradability. The company’s CO2-based products are designed to be cost-competitive with conventional fossil-based materials, supporting both climate goals and broader market adoption Carbeau added.
Under the new structure, Avantium will continue to focus on its core renewable polymer materials activities, while Carbeau will accelerate the development and industrial deployment of its electrochemical CO2 utilization technologies. Avantium will retain a 32.7% shareholding in Carbeau.
The company said that Carbeau will be headquartered at the Amsterdam Science Park, maintaining close ties with Avantium’s innovation ecosystem, and plans to develop a first-of-a-kind pilot plant in Delfzijl in the northern Netherlands. The Delfzijl region offers a strong industrial and carbon capture and utilization (CCU) base, as well as access to sustainable energy and infrastructure needed to scale its electrochemical CO₂ conversion technology, the company added.
Tom van Aken, CEO of Avantium, said:
“This spin-out demonstrates Avantium’s ability to develop breakthrough technologies and bring them to a stage where they can attract substantial external investment and pursue their own growth trajectory.”
The new funding round included commitments from Invest-NL, the Netherlands’ national promotional institution focused on sustainable innovation, and the Investment and Development Agency for the Northern Netherlands (NOM).
Yap Chie Cheung, CEO of Carbeau, said:
“With €35.2 million in funding and the backing of an outstanding consortium of strategic and financial partners, we are in a strong position to accelerate commercialization and scale-up. We believe Carbeau can play an important role in transforming CO₂ from a challenge into an opportunity, and we now have the team, technology and partners to make that ambition a reality.”
