Photanol B.V. Announces Cessation of Operations
Photanol B.V., the pioneering Dutch biotech company focused on converting CO2 into sustainable chemicals using cyanobacteria, has felt compelled to cease operations and file for its own bankruptcy before the court of Amsterdam due to financing challenges following the unexpected withdrawal of a key industrial partner in December 2024. The court of Amsterdam has appointed Els Doornhein of De Vos & Partners as the trustee in the bankruptcy of Photanol B.V. The sudden withdrawal came just as final negotiations for a joint venture were nearing completion, leaving Photanol with insufficient time to secure alternative financing. Despite intensive efforts to find new strategic partners and investors over recent weeks, the limited runway has made it impossible to bridge the gap.
The closure comes at a tragic juncture, as Photanol had recently validated its core technology and was preparing construction of its tonnes-scale demonstration plant in Delfzijl. The company had successfully developed multiple strains capable of converting CO2 directly into circular industrial chemicals using only sunlight as an energy source, demonstrating production rates that, at larger scale, would enable commercial viability.
“It is with deep regret that we must halt our operations just as we were ready to scale up our technology,” said Jan Wery, CTO of Photanol. “Our team had solved critical technical challenges and was poised to demonstrate our technology at larger scale. The timing makes this especially painful.”
Since its founding in 2008, Photanol developed a unique platform technology that could produce chemicals while actively removing CO2 from the atmosphere, with applications ranging from biodegradable polymers to cosmetic ingredients. The company’s innovations are protected by multiple patents.
“We want to express our profound gratitude to our dedicated employees, whose tireless efforts brought this revolutionary technology to life,” said Jeroen van Harten, CEO. “We also thank our shareholders, partners, and Dutch government institutions, including the Netherlands Enterprise Agency (RVO) and the Ministry of Economic Affairs, for their continued support throughout our journey.”
While the current entity will cease operations, the bankruptcy trustee Els Doornhein together with the management of Photanol B.V. is actively exploring opportunities to preserve and restart this promising technology platform. The team firmly believes in the technology’s potential to contribute to sustainable chemical production and remains committed to finding a path forward. For more information, please contact trustee Els Doornhein (+31(0)202060717 or edoornhein@devos.nl and/or her colleague Martijn Dellebeke (+31 20206087 or mdellebeke@devos.nl).
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