Company raises €14 million for production of biodegradable alternative to plastics

Paques Biomaterials, a company developing a biodegradable alternative to plastics, has received €14 million in funding. Invest-NL, the investment fund for start-ups set up by the Dutch government, is one of the investors.

According to the company, it intends to use the capital raised to "take the next step in the production of a biopolymer that has the advantages of plastic but none of its disadvantages". This step means scaling up by building a new plant in Emmen. There, the so-called Caleyda is to be produced from organic residues such as wastewater, sewage sludge, or food waste. Caleyda is a biodegradable material that can be used for various applications. For example, for 3D printing and the production of films.

According to the magazine Quote, the global market for bioplastics will increase massively over the next five years: Growing from 2.18 million tons in 2023 to 7.43 million tons in 2028.

"We are extremely happy with the confidence the investors have shown in our technology," said Joost Paques, co-founder and CEO of Paques Biomaterials, based in Balk, Friesland. "They give us the opportunity to grow our company and take the next step in creating a new, circular chain in which we produce a natural alternative to plastic from organic waste streams."