Photanol BV, an Amsterdam-based biotech company specializing in CO2-to-chemical conversion, has filed for bankruptcy due to financial struggles. The company had been working on technology that utilized sunlight to convert CO2 into industrial chemicals, aiming to provide an alternative to fossil-based chemical production. Despite progress in demonstrating the feasibility of its approach, financial constraints have forced the company to cease operations. The court of Amsterdam has appointed Els Doornhein of De Vos & Partners as the bankruptcy trustee.
Photanol had previously secured support from government agencies and private investors, and in earlier years, it had formed collaborations with major industrial partners. The company’s technology showed promise in reducing carbon emissions by producing biodegradable polymers and cosmetic ingredients from CO2. However, after an essential industrial partner withdrew in December 2024, Photanol was unable to finalize a joint venture agreement. This setback left the company without the necessary funding to continue operations.
Why did Photanol file for bankruptcy?
The loss of a key industrial partner led to financial instability, making it impossible for Photanol to move forward with its plans. Efforts to secure alternative investments did not succeed, which ultimately forced the company to declare bankruptcy. The timing was particularly challenging, as Photanol had recently demonstrated the potential scalability of its technology and was preparing to build a demonstration facility in Delfzijl.
Photanol CEO Jeroen van Harten acknowledged the contributions of employees, investors, and government institutions, stating,
“We want to express our profound gratitude to our dedicated employees, whose tireless efforts brought this revolutionary technology to life.”
He also highlighted the role of the Netherlands Enterprise Agency (RVO) and the Ministry of Economic Affairs in supporting the company.
What happens next for Photanol’s technology?
Although Photanol will shut down, there are ongoing discussions to preserve its research and technology platform. The bankruptcy trustee and company management are exploring options that could allow the technology to be utilized in future sustainable chemical production efforts.
CTO Jan Wery expressed disappointment about the situation, commenting,
“It is with deep regret that we must halt our operations just as we were ready to scale up our technology. Our team had solved critical technical challenges and was poised to demonstrate our technology at a larger scale. The timing makes this especially painful.”
Founded in 2008, Photanol aimed to transform the chemical industry by reducing reliance on fossil resources and lowering CO2 emissions. Its technology was designed to create a circular system in which CO2 was captured and converted into valuable chemicals. The company held multiple patents for its innovations and had been developing applications in various industries.
The company’s bankruptcy highlights the challenges that startups face when scaling up sustainable technologies. Despite securing initial funding and partnerships, financial risks remain high, especially in industries that require large-scale infrastructure investments. The failure to finalize a critical joint venture agreement ultimately left Photanol without the resources necessary for further development. The efforts to preserve its technology could still offer potential opportunities for other companies interested in CO2-based chemical production.
