CropEnergies has acquired a stake in the Dutch start-up biobased chemicals firm Syclus - based in Maastricht.
CropEnergies, from Mannheim, Germany, purchased 50% of the company's share capital.
The total investment amounted to €1.8 million.
Syclus will work out the technical and economic viability of producing renewable ethylene at Chemelot Industrial Park, Geleen, the Netherlands.
Syclus plans on building a new plant with an annual production capacity of 100,000 tonnes, with production starting in 2026. This will require an investment of €85 to €100 million.
Syclus was founded in 2021 by a group of professionals from the chemical industry. Syclus’ vision is to become a leading producer for 100% bio-based, renewable ethylene. It will be used as a sustainable alternative with a low carbon footprint to fossil oil and gas-based ethylene.
Loek Radix, Chemelot executive director, said: “The Chemelot strategy is aiming to become the first fully circular chemical park in Europe by switching to 100 percent renewable feedstock and electrification of our production processes.
“That Syclus is planning to produce sustainable ethylene based on renewable ethanol fits perfectly in our strategy especially since ethylene is used by several companies at Chemelot to produce widely used synthetic materials. This will become circular by using the sustainable ethylene from Syclus. With Syclus we will take another significant step towards climate neutrality at Chemelot.”
CropEnergies acquires stake in Dutch biobased chemicals start-up Syclu
