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01.03.2024

Re:NewCell’s bankruptcy application approved

Re:NewCell AB announced that the Stockholm District Court has decided to approve the previously communicated bankruptcy application and has declared the company bankrupt.

The appointed bankruptcy trustee is lawyer Lars-Henrik Andersson at Cirio Advokatbyrå.

February,25 the Board of Directors had decided to file for bankruptcy of Re:NewCell AB at the Stockholm District Court. The reason for the decision to file for bankruptcy was that Re:NewCell has not been able to secure sufficient financing to complete the strategic review, announced on 20 November 2023, with satisfactory result.

As part of the strategic review, Re:NewCell has had well advanced negotiations with its two largest shareholders, H&M and Girindus, its existing lenders BNP Paribas, European Investment Bank, Finnvera (as partial guarantor), Nordea, AB Svensk Exportkredit and potential new investors as well as other stakeholders regarding long-term financing solutions. These discussions have not resulted in a solution which would provide Re:NewCell with the necessary liquidity and capital to ensure its operations going forward.

Re:NewCell AB announced that the Stockholm District Court has decided to approve the previously communicated bankruptcy application and has declared the company bankrupt.

The appointed bankruptcy trustee is lawyer Lars-Henrik Andersson at Cirio Advokatbyrå.

February,25 the Board of Directors had decided to file for bankruptcy of Re:NewCell AB at the Stockholm District Court. The reason for the decision to file for bankruptcy was that Re:NewCell has not been able to secure sufficient financing to complete the strategic review, announced on 20 November 2023, with satisfactory result.

As part of the strategic review, Re:NewCell has had well advanced negotiations with its two largest shareholders, H&M and Girindus, its existing lenders BNP Paribas, European Investment Bank, Finnvera (as partial guarantor), Nordea, AB Svensk Exportkredit and potential new investors as well as other stakeholders regarding long-term financing solutions. These discussions have not resulted in a solution which would provide Re:NewCell with the necessary liquidity and capital to ensure its operations going forward.

"I regret to inform that we have been forced to take this decision to file for bankruptcy. As we have a strong belief in the company’s long-term potential, we have together with our advisors spent very substantial time and efforts into trying to secure the necessary liquidity, capital and ownership structure for the company to secure its future. As part of the negotiations, we have had intense dialogues with both current main owners, new investors and our banks, as well as other stakeholders. However, these discussions have not been successful. This is a sad day for the environment, our employees, our shareholders, and our other stakeholders, and it is a testament to the lack of leadership and necessary pace of change in the fashion industry” says Chairman of the Board of Directors, Michael Berg.

More information:
Renewcell bankruptcy
Source:

Renewcell

Carbios published Sustainability Report for 2022 (c) Carbios
29.12.2023

Carbios published 2022 Sustainability Report

CARBIOS published its second Sustainability Report with 2022 as the reference year. Like the first, this report is not subject to any publication obligation for the company, confirms CARBIOS' commitment and desire for transparency in terms of environmental, social and governance (ESG) initiatives.

In 2022, several objectives were achieved:

CARBIOS published its second Sustainability Report with 2022 as the reference year. Like the first, this report is not subject to any publication obligation for the company, confirms CARBIOS' commitment and desire for transparency in terms of environmental, social and governance (ESG) initiatives.

In 2022, several objectives were achieved:

  • Increase of the number of independent directors on the Board of Directors,
  • Completion of the first carbon footprint report to sustainably reduce greenhouse gas emissions,
  • Consolidation of the life cycle analysis (LCA) of the PET enzymatic depolymerization process,
  • Continuation of employee training in safety and environmental issues.

In October 2023, CARBIOS appointed Bénédicte Garbil as Senior Vice President of Corporate Affairs and Sustainability: "In 2022, CARBIOS strengthened its governance, building a solid foundation for our continued growth and commitment to Corporate Social Responsibility (CSR). This strategic development demonstrates our commitment to operational excellence and transparency. We have integrated the principles of sustainability, ethics and environmental responsibility at the heart of our governance, putting CSR at the forefront of our actions."

Source:

Carbios

22.11.2023

Re:NewCell initiates a strategic review

Re:NewCell AB (publ) has created a patented process for 100% textile-to-textile recycling and has invested over SEK 1,300 million to establish an innovative and efficient textile recycling plant. The industrial scale plant in Ortviken currently has a capacity to produce up to 60,000 tonnes on an annual basis.

As communicated on 12 October, the Company has experienced lower than anticipated sales volumes to fiber producers in the third quarter and as communicated on 1 November and 7 November, the Company had low sales volumes in October. In addition, sales volumes in November are now expected to be lower than previously anticipated and in line with October sales volume. Discussions are ongoing with a number of customers to secure orders, but it is uncertain when they will materialise.

Re:NewCell AB (publ) has created a patented process for 100% textile-to-textile recycling and has invested over SEK 1,300 million to establish an innovative and efficient textile recycling plant. The industrial scale plant in Ortviken currently has a capacity to produce up to 60,000 tonnes on an annual basis.

As communicated on 12 October, the Company has experienced lower than anticipated sales volumes to fiber producers in the third quarter and as communicated on 1 November and 7 November, the Company had low sales volumes in October. In addition, sales volumes in November are now expected to be lower than previously anticipated and in line with October sales volume. Discussions are ongoing with a number of customers to secure orders, but it is uncertain when they will materialise.

Therefore, Re:NewCell hereby announces that its Board of Directors has decided to immediately initiate a strategic review to explore and evaluate various funding alternatives. As part of this process, the Board of Directors will consider all potential alternatives to secure funding and optimise shareholder value. Such alternatives may include additional debt funding, equity injection through the form of a rights issue, equity injection through a directed issue targeted to a financial or strategic investor or other possible strategic transactions.
The Board of Directors has retained ABG Sundal Collier as financial advisor to assist in its review of alternatives. Vinge has been appointed as legal advisor in connection with the review process.

The Board of Directors has not set a timetable for completion of its review, but the process will be initiated immediately. Subject to compliance with its ongoing disclosure obligations pursuant to applicable laws and regulations, Re:NewCell undertakes no obligation to make any further announcements regarding the strategic review until a final decision is made by the Company’s Board of Directors.

Source:

Re:NewCell AB (publ)

20.12.2022

Carbios publishes first Sustainability Report

Carbios published its first Sustainability Report using 2021 as the baseline year. The report outlines Carbios’ commitment to developing environmental, social and governance (ESG) initiatives that go beyond the industrial development of its innovative plastics biorecycling technologies. Although not subject to the regulatory requirement of the Non-Financial Reporting Directive (NFRD), Carbios has nonetheless structured its report in accordance with the requirements of the European directive on Extra-Financial Performance Statements.

Carbios’ sustainability strategy is based on three pillars (governance and ethics, the environment, social and societal issues) divided into 22 priority material challenges. Carbios’ Sustainability Report reflects the company’s dedication to transparency in action and highlights its efforts in areas such as environmental sustainability; employee relations, diversity and inclusion; and corporate governance.

Within its 2021 Sustainability Report, Carbios has formalized several targets including:

ENVIRONMENTAL OBJECTIVES

Carbios published its first Sustainability Report using 2021 as the baseline year. The report outlines Carbios’ commitment to developing environmental, social and governance (ESG) initiatives that go beyond the industrial development of its innovative plastics biorecycling technologies. Although not subject to the regulatory requirement of the Non-Financial Reporting Directive (NFRD), Carbios has nonetheless structured its report in accordance with the requirements of the European directive on Extra-Financial Performance Statements.

Carbios’ sustainability strategy is based on three pillars (governance and ethics, the environment, social and societal issues) divided into 22 priority material challenges. Carbios’ Sustainability Report reflects the company’s dedication to transparency in action and highlights its efforts in areas such as environmental sustainability; employee relations, diversity and inclusion; and corporate governance.

Within its 2021 Sustainability Report, Carbios has formalized several targets including:

ENVIRONMENTAL OBJECTIVES

  • Use the Life Cycle Assessment (LCA) method to maximize circularity and aim for the lowest carbon impact
  • Commit to depolymerizing 60 tons of PET in 2023 at the Demonstration Plant in Clermont-Ferrand: the equivalent of about 3.2 million plastic bottles or 4 million food trays

SOCIAL OBJECTIVES

  • Contribute to local economic development in France: the world’s first industrial-scale enzymatic PET recycling plant in Longlaville will create 150 direct and indirect jobs
  • In a context of strong growth, promote employee well-being and safety by developing training, and ensuring the management and prevention of psycho-social risks
  • Strengthen commitment to supporting international research through academic partnerships and scientific publications

GOVERNANCE OBJECTIVES

  • Achieve 40% female members of the Board of Directors by end 2023, and 40% on Executive Committee by end 2024
  • Achieve 60% independent members of the Board of Directors by end 2024
  • Structure CSR governance with the creation of a CSR committee and integrate sustainability objectives into Executive’s compensation starting fiscal year 2023
Source:

Carbios

01.04.2022

Carbios presents its 2021 Annual Results

  • 2021 Annual Results: First IFRS consolidated statements integrating the subsidiary Carbiolice
  • Plan to build a first industrial facility with a strong financial support from the French Government and the Grand-Est Region: site selected in France in partnership with Indorama Ventures, world leader in the production recycled PET
  • Successful commissioning of a demonstration facility in September 2021 and confirmation of the validity of the scale-up of Carbios’ enzymatic recycling technology
  • Takeover of Carbiolice and full integration in the consolidated IFRS statements since June 4th, 2021
  • Appointment of Philippe Pouletty as Chairman of the Board of Directors on April 1st, 2022
  • Appointment of Emmanuel Ladent as CEO of the Company on December 1st, 2021
  • Strengthening of Carbios’ financial structure: capital increase of €114 million with French and International investors and €30 million loan from the European Investment Bank (EIB)
  • Group’s cash position of €105 million as of December 31, 2021, which does not include the €30 million EIB loan due to be drawn down in the first half of 2022

Carbios,

  • 2021 Annual Results: First IFRS consolidated statements integrating the subsidiary Carbiolice
  • Plan to build a first industrial facility with a strong financial support from the French Government and the Grand-Est Region: site selected in France in partnership with Indorama Ventures, world leader in the production recycled PET
  • Successful commissioning of a demonstration facility in September 2021 and confirmation of the validity of the scale-up of Carbios’ enzymatic recycling technology
  • Takeover of Carbiolice and full integration in the consolidated IFRS statements since June 4th, 2021
  • Appointment of Philippe Pouletty as Chairman of the Board of Directors on April 1st, 2022
  • Appointment of Emmanuel Ladent as CEO of the Company on December 1st, 2021
  • Strengthening of Carbios’ financial structure: capital increase of €114 million with French and International investors and €30 million loan from the European Investment Bank (EIB)
  • Group’s cash position of €105 million as of December 31, 2021, which does not include the €30 million EIB loan due to be drawn down in the first half of 2022

Carbios, a pioneer in the development of enzymatic solutions dedicated to the end-of-life of plastic, announced its operating and financial results for the year 2021. The financial statements as of December 31, 2021, were approved by the Company’s Board of Directors at their meeting on March 31, 2022.

“In 2021, Carbios achieved several technical and industrial milestones testifying of the soundness and successful execution of our strategy. The excellent results obtained from our demonstration plant confirms the industrial scale-up potential of our biological technology for the recycling of PET plastics and fibers. Together with our Consortium members, we also produced the world’s first food-grade PET sample bottles produced entirely from enzymatically recycled plastics; a world first. In addition, we have strengthened our financial structure by raising a landmark €114 million in May 2021 and we have taken full control of Carbiolice in June. In line with our objectives and with a strong financial support from the French Government and the Grand-Est Region, we will soon enable France to host the world’s first industrial facility dedicated to the biological recycling of plastics. Carbios’ enzymatic process will make it possible to recycle more than 50,000 tons of PET plastic waste per year,” comments Emmanuel Ladent, CEO of Carbios. “Our priority for 2022 is to finalize the terms of our partnership with Indorama Ventures, which will host the world’s first industrial facility operating our biological recycling process at its French production site in Longlaville. This year will also be about optimizing our commercial strategy, while continuing our innovation efforts on the end-of-life of other polymers.”

Click here to for further information.

Source:

Carbios

19.06.2019

ZDHC Foundation Welcomes Broad Chemical Industry Engagement

After an intense dialogue and a series of meetings during the past year between the ZDHC Board of Directors and the GCIRT, an alignment was gained on ZDHC organisational commitments and a mutual understanding of the role of chemical suppliers within the ZDHC Programme. This opens the doors for broader, more active distribution of chemistry expertise and implementation support of textile dye and leather chemical manufacturing industry in the ZDHC Programme.

The Global Chemical Industry Round Table (GCIRT), sent an open letter to ZDHC in May 2018 and is a group of the leading chemical solution providers in the textile and leather industry with the collective aim of driving the industry further to become more sustainable. GCIRT’s signatory’s engagement into the ZDHC Programme will support a faster transformation of the industry by taking complexity out of the supply chain and to find appropriate solutions for the industries’ requirements.

After an intense dialogue and a series of meetings during the past year between the ZDHC Board of Directors and the GCIRT, an alignment was gained on ZDHC organisational commitments and a mutual understanding of the role of chemical suppliers within the ZDHC Programme. This opens the doors for broader, more active distribution of chemistry expertise and implementation support of textile dye and leather chemical manufacturing industry in the ZDHC Programme.

The Global Chemical Industry Round Table (GCIRT), sent an open letter to ZDHC in May 2018 and is a group of the leading chemical solution providers in the textile and leather industry with the collective aim of driving the industry further to become more sustainable. GCIRT’s signatory’s engagement into the ZDHC Programme will support a faster transformation of the industry by taking complexity out of the supply chain and to find appropriate solutions for the industries’ requirements.

The GCIRT members are: ARCHROMA (Switzerland); CHT Germany GmbH (Germany); Colourtex Industries Private Limited (India); DyStar Singapore Pte Ltd (Singapore); Huntsman Textile Effects (Singapore); KISCO (Korea); Pulcra Chemicals Group (Germany); RUDOLF GmbH (Germany); TANATEX Chemicals B.V. (Netherlands).

Source:

ZDHC Foundation