20th Oct 2020 19:31
Symphony Environmental Technologies PLC - Borehamwood-based developer of additives to make plastic biodegradable - Completes EUR6 million financing for the building of the pre-industrial plant in St Louis, France for the Eranova green algae project.
Financing comprises loans from HSBC, Banque Populaire and CIC and equity subscribed for by both new and existing investors including the Indorama Corporation, Altinat, Capelan Holdings and Euro-Capital LLC.
Construction will start in late November and is set to complete at the end of April 2021. Symphony holds a 1.6% shareholding in the project.
"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. We look both forward to working with Eranova to bring the products of this technology to the market through our worldwide distribution networks," said Chief Executive Michael Laurier.
Current stock price: 24.45 pence
Year-to-date change: more than tripled from 6.75p
By Dayo Laniyan; [email protected]
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