StockMarketWire.com - Biodegradable plastics company Symphony Environmental said it had secured €6 million of financing for a green algae project in France.

The financing comprised loans provided by 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.

The proceeds would be e used to start building the pre-industrial plant in Port St Louis, located near Marseille in France.

Construction would start in late November and was due to complete by the end of April 2021.

'The new plant is based on the existing pilot plant design, which has already produced bio-sourced resins that have been tested successfully for transformation at industrial scale,' Symphony said.

'These new generation of bio-based resin do not use food resource, are food contact approved for packaging and are recyclable.'

'The project is also patented in Europe, the US and has been recently labelled by the Solar Impulse Foundation.'


At 8:55am: [LON:SYM] Symphony Environmental Technologies PLC share price was +1p at 25.5p



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