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Carbios has raised $16.4 million in a secondary stock offering. The French firm is developing an enzymatic process for breaking down polyethylene terephthalate (PET), used in soft drink bottles, into its raw materials terephthalic acid and ethylene glycol. The company says it will use 75% of the funds to build a demonstration plant for the technology. L’Oreal, which is collaborating with Carbios on PET recycling, participated in the financing, as did Michelin Ventures.
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