In the Netherlands, Paques Biomaterials has raised €14 million to advance its polyhydroxyalkanoate bioplastics. The company was founded 3 years ago on technology spun out of Delft University of Technology. The capital will allow it to scale up by building a Caleyda Extraction Facility in Emmen, where raw PHA will be extracted into a high-quality, 100% biodegradable biopolymer branded Caleyda.
The company said in a press statement that the technology behind the Caleyda, in which bacteria in organic waste streams produce the biopolymer PHA, has been further developed since the company’s inception. A Dordrecht, Netherlands demonstration plant was built in 2022. Participants in the most recent funding round include Invest-NL and the NOM.
“It’s good to see the confidence investors have in our technology,” Joost Paques, co-founder and CEO of Paques Biomaterials, said in a press statement. “They give us the opportunity to scale up and take the next step in creating a new, circular chain where we produce a natural alternative to plastic from organic side streams. This funding round still allows new investors who want to invest in a future with sustainable materials to step in.”