In the Netherlands, Photanol BV, a biotech company with CO2-to-chemical conversion, has filed for bankruptcy, citing difficulty raising funds.
A key industrial partner exited joint venture talks with Photanol in December 2024 and the company has been unable to secure bridge funding.
According to Silicon Canals, Photanol is shutting down at a critical moment, having recently confirmed the effectiveness of its technology and begun designing a demonstration facility in Delfzijl.
“It is with deep regret that we must halt our operations just as we were ready to scale up our technology,” Jan Wery, CTO of Photanol, told the news outlet. “Our team had solved critical technical challenges and was poised to demonstrate our technology at larger scale. The timing makes this especially painful.”
The court of Amsterdam has appointed Els Doornhein of De Vos & Partners as the trustee.