METEX and financial partner to create JV for the construction and operation of its PDO/BA plant

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Type of post: NEWS IN BRIEF.

We already knew that METabolic EXplorer (METEX) intended to build a facility for producing butyric acid (BA) and 1,3-propanediol (PDO). Preliminary data of the plant and the main characteristics of BA and PDO markets were summarized in a previous post (METEX plans to build a PDO/BA production facility, 22/5/2017). At the end of last month, the French company reported some advances of this interesting project (see press release, 29/1/2018). Let us know the most important details.

Location

METEX has confirmed its selection of the Carling Saint-Avold petrochemical platform in Moselle (Greater East Region). This decision is based on preliminary studies carried out in the framework of assistance agreements signed in June 2017 with Total Développement Régional and in September 2017 with the Communauté d’Agglomération de Saint-Avold Synergie. It will be necessary to install two buildings and utilities at the platform for the construction of this plant.

Figure 1. General view of the Carling Saint-Avold petrochemical platform which could host the new PDO/BA plant

Joint venture
METEX has signed a letter of intent with a French financial partner (the name was not disclosed) to create a joint venture for the construction and operation of the plant. METEX will grant an exclusive license to the joint venture, along with sub-licensing rights. The licensing agreement also provides for an additional valuation of the technology when the project moves into the second stage.

Funding
The total financing required for the project, excluding buildings, utilities and studies, is estimated at a maximum of 37 M€ (CAPEX: 29 M€; WCR, contingencies and diverse start-up expenses: 8 M€). The financial partner would provide a maximum of 19.6 M€ in equity capital. For its part, METEX undertakes to provide a maximum of 17.3 M€ in cash. The final amount of the investment will depend notably on the contributions from all public and private stakeholders to the financing of the buildings, utilities and related studies.

Timeline
Financing documents are under review at the present time and METEX is expecting local, regional, national and European stakeholders to confirm their commitments by the end of June 2018. If the funding for the first stage (estimated at approximately 15 M€) is obtained by the planned date, construction should get underway at the end of the third quarter of 2018.

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