Photanol BV, Amsterdam, has closed a substantial new financing round to demonstrate its industrial capabilities to produce chemicals from CO2 and sunlight. Photanol BV is a spin-off company established in 2008 by UvA Ventures Holding in collaboration with the Swammerdam Institute for Life Sciences of the UvA’s Faculty of Science.
Photanol uses modified cyanobacteria to produce chemicals from CO2 through photosynthesis. The demo plant is an essential step towards scaling up production of organic acids which can be used in biodegradable plastics, personal care products and as intermediates for the chemical industry.
The commitment of new shareholders GROEIfonds, Innovatiefonds Noord-Nederland and Investeringsfonds Groningen, as well as the continued support of the Dutch Government and existing shareholders UvA Ventures Holding and Icos Capital allow for the construction of Photanol’s first demonstration plant in Delfzijl, the Netherlands. They are keen to drive the next step towards commercialisation with the construction of the demonstration plant in Delfzijl. The plant is to be operational in 2020 at the site of its partner AkzoNobel Specialty Chemicals.
Véronique de Bruijn CEO Photanol BV said: ‘The Photanol team is keen to prove to the world that we can make a big difference by producing clean chemicals while reducing the CO2 burden on the environment.’
Photanol B.V. was established in 2008 by UvA Ventures Holding BV and the UvA's Swammerdam Institute for Life Sciences (SILS), with an additional investment by Icos Capital in 2012 and is headquartered at Science Park Amsterdam. The company focuses on the development of valuable and clean chemicals that are produced efficiently and sustainably using modified cyanobacteria, which take sunlight and CO2 as raw materials. The goal is to provide biofuel and biochemical compounds that fit the 21st-century environmental constraints by being sustainable and energy efficient.