Agreement reached for the financing of the METEX PDO/AB production unit and creation of the METEX NØØVISTA company
METabolic EXplorer (METEX), an industrial biochemical company specialising in the development and industrial application of green and sustainable fermentation processes, announces the financing of its planned propanediol (PDO) and butyric acid (BA) production unit at the Carling Saint-Avold industrial Platform, for a total of €47.7 million.
The METEX project will receive financing from local public and private stakeholders.
METEX concurrently announces the signature of an agreement with Bpifrance for the creation of METEX NØØVISTA, a joint venture to be majority-held by METEX that will build and operate this unit.
The planned production unit will have a capacity of 24 kt/year, to be achieved in two stages: a first, 6-kt stage (5 kt of PDO and 1 kt of BA) and a second, 18-kt stage (15 kt of PDO and 3 kt of BA).
It is reminded that the total financing to be provided by the METEX NØØVISTA joint venture partners for the project, excluding buildings and utilities, will stay at the same maximum amount of €37 million as estimated in January 2018.
Bpifrance would make an equity investment alongside METEX. METEX is committed to providing €17.2 million in cash along with an exclusive licence and sub-licencing rights. METEX will have a 55% stake in the joint venture. The licencing agreement also provides for an additional valuation of the technology when the project moves into the second stage. Last, in the framework of the Voluntary Economic and Social Development Agreement signed by the Total group, the State, and the Region, local public and private stakeholders will provide financing for this project.
With the technology provided by METEX, it is possible to obtain two distinct products (PDO and BA) using a single process. These two products have several markets, the main ones being, for PDO, cosmetics and bio-based polymers, and for BA, animal nutrition and flavours and fragrances.