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Symphony Environmental Technologies PLC associate Eranova completes financing for


The London listed group has exclusive distribution rights for Eranova’s product in certain markets

() has announced the completion of a €6mln financing by its associate Eranova for its green algae project in France.

The proceeds will pay for the start of construction in Port St Louis, near Marseille, slated to begin in late November and complete by the end of April.

Eranova’s plant will follow-on from a successful pilot and will produce a bio-sourced resin which don’t use food resource in their creation. The resins are approved for use with food contact and therefore are suitable for use as recyclable packaging.

READ: Symphony becomes tech partner for Turkey’s largest baker

The financing comprises loans from SBC, Banque Populaire and CIC, along with Eranova equity subscribed for by existing and new investors including Indorama Corporation, Altinat, Capelan Holdings and Euro-Capital LLC.

In September, Symphony and Eranova agreed that their collaboration agreement would be conditional upon Eranova successfully completing the financing.

Symphony retains a 1.6% shareholding in Eranova and it holds exclusive distribution rights for the products in certain territories – stated as United Arab Emirates, and the whole of America south of the border between the USA and Mexico.

“We are delighted that the Eranova collaboration agreement has been finalised and funding now secured, as well as that the Indorama Corporation has joined us as an investor in this exciting opportunity,” said Michael Laurier, Symphony chief executive in a statement.

“We look both forward to working with Eranova to bring the products of this technology to the market through our worldwide distribution networks.”

Philippe Michon, Eranova co-founder added: “Our fund-raising process has been lengthy and include industrial partners that are involved with the environment, like Capelan or others like Altinat Holding that are focused in the algae business, with the leader Greentech and Biovitis. Euro-Capital brings another dimension into the Project through its strong packaging interest.

“The Project is an important step to create a European platform for a new source of biomass with low environmental impact.”



Read More: Symphony Environmental Technologies PLC associate Eranova completes financing for

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