From the Sector

CARBIOS was awarded 1st prize in the "So French So Innovative" Award organized by Business France, the Hong Kong Committee of French Foreign Trade Advisors (CCEF), La French Tech and its partners at InnoEX 2024 (taking place in Hong Kong from 13 to 16 April). The award recognizes French innovation to promote and support French Tech in the Asia-Pacific region. The final awards ceremony was held on the French pavilion in the presence of members of the Hong Kong Government and Christile Drulhe, Consul General of France in Hong Kong.

Emmanuel Ladent, CEO of CARBIOS: "Asia-Pacific is a key market for our PET biorecycling solution, and the 'So French So Innovative' Award is a recognition that supports CARBIOS’ prospection and commercial deployment in the region. CARBIOS' technology is generating a lot of interest, leading to promising discussions and the exploration of commercial agreements to support the sustainability commitments and international operations of current and future partners."

CARBIOS' global presence
In a dynamic global PET market, where the share of recycled PET will increase, CARBIOS' ambition is to become a leading r-PET player by 2035. CARBIOS has extended its international reach to boost its commercial deployment worldwide. Teams in place in key markets are dedicated to identifying business opportunities and establishing commercial partnerships for PET biorecycling technology, with first agreements expected in 2024. To date, CARBIOS is represented in three regions: Europe, North America (including Canada) and Asia (China, Japan, Korea, Singapore, Taiwan, and soon India).

• CARBIOS Group’s solid financial structure: cash position of €192 million on December 31, 2023
• Construction progress of world’s first PET biorecycling plant in France: in line with delivery targets for customers in 2026
• Licensing: international sales teams deployed in more than ten countries, with several partnerships feasible for 2024

CARBIOS reported its operating and financial results for the financial year 2023. The financial statements as of December 31, 2023, were approved by the Company’s Board of Directors at their meeting on April 10, 2024.

2023 Financial highlights
The consolidated financial statements of the Company as of December 31, 2023, are presented in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and adopted by the European Union.

For 2022 and 2023, these IFRS consolidated financial statements include the financial statements of CARBIOS, the parent company, and the financial statements of its fully integrated subsidiaries Carbiolice and CARBIOS 54. The group formed by CARBIOS, Carbiolice and CARBIOS 54 is hereinafter referred to as the “Group”.

These IFRS financial statements for the Group have been prepared to provide high quality information in line with that of similar companies and based on international standards.

Outlook
Given the progress made by the Group during 2023 and the success of the financing operation closed in July 2023 as well as the received grants, CARBIOS confirms its operating targets and the provisional calendar of the industrial and commercial deployment of its PET biorecycling technology.
2024  • Construction of the Longlaville plant further to permits obtained in October 2023
2024  • Recruitment of plant operations team and training at demonstration facility
2026  • First significant deliveries to clients

Alongside this project, CARBIOS aims to sign its first licensing contracts for its PET biorecycling technology in 2024.

National Council of Textile Organizations (NCTO) Chairman Norman Chapman delivered the trade association’s State of the U.S. Textile Industry overview at NCTO’s 20th Annual Meeting on April 11.

Mr. Chapman’s speech highlighted the severe economic challenges confronting the U.S. textile industry that have been exacerbated by predatory trade behavior and customs fraud that is harming this vital and strategic domestic supply chain. He also highlighted NCTO’s effective advocacy efforts that resulted in a long list of accomplishments to counter some of the damaging illegal trade practices and bolster the industry.

“While the domestic textile industry is a key contributor to the U.S. economy and a critical part of the military and public health industrial base, our sector is facing a crisis of historic proportions as the result of rapidly deteriorating market conditions coupled with unchecked foreign predatory trade practices and diminished customs enforcement activities, Chapman stated in the speech. “At the end of the day, some key fundamentals for the U.S. textile industry remained sound, while others weakened. While we expect to see ongoing challenges this year, which will test our resolve, we know collectively as an industry this will not weaken our resilience or our innovative spirit.”