French beauty giant, L’Oréal, has just acquired a minority stake in Carbios, a green chemistry company that is pioneering bio-industrial solutions to reinvent the lifecycle of plastic and textile polymers.
L’Oréal’s investment was conducted by its corporate venture capital fund, BOLD (Business Opportunities for L’Oréal Development), which was only launched in December 2018. The investment is set to fund Carbios’ industrial demonstrator for the biorecycling of plastics and polyester fibres in PET plastic.
“This participation demonstrates our support of new sustainable development technologies, in line with our commitment that by 2025, 100 per cent of our packaging will be recycled, recyclable or compostable, and more specifically, 50 per cent of the plastic used in our packaging will be recycled or bio-sourced,” L’Oréal executive vice-president and chief technology and operations officer, Barbara Lavernos, said.
“Carbios is developing a pioneering plastic recycling technology, based on both circular economy principles and biotechnologies, and we are proud to support them in their development.”