The European Investment Bank (EIB) is backing a huge €250M fund to help bioeconomy companies scale up technology that turns waste biomass into value. Could this provide the sector the traction it needs to become mainstream?
According to the organizers of the European Circular Bioeconomy Fund, or ECBF, this is the first-ever fund in Europe dedicated to supporting the scaleup of companies developing ways to reduce our waste and turn it into commodities. The fund has mustered €82M of its €250M target so far.
Investors in the first closing include the EIB, the Dutch bioplastics company Corbion, the German recycling firm PreZero International, and German investment firm Hettich Beteiligungen.
As the EU economy recovers from national lockdowns during the Covid-19 pandemic, policymakers are pledging to prioritize sustainability in plans such as the Green New Deal. However, the EU’s current greenhouse gas emissions trajectory remains insufficient to limit global warming in accordance with the Paris Agreement.
One way to correct this is to switch to a circular bioeconomy, which could source energy and other goods from plants and agricultural waste rather than fossil fuels. But one of the biggest obstacles to developing technologies capable of implementing a circular bioeconomy is that companies lack the funding to scale up their technology from the startup stage.
The post EU Establishes €250M Fund to Scale up Bioeconomy Companies appeared first on Labiotech.eu.
Published on Thu, 08 Oct 2020 16:39:31 +0000 and sponsored by nintex string to speech