Oslo, Norway – 20 May 2022 – Circa and Valmet have signed a Heads of Agreement to realise and optimise the Furacell™ production process at scale through the ReSolute project and future large-scale plants. Valmet will be the main process technology and equipment supplier, and actively contribute to accelerating the development of Circa’s large-scale production plants. The cooperation considerably strengthens Circa’s ability to build and deliver its plan to become a large-scale producer of sustainable biochemicals.
Following positive engagement and extensive work with Valmet over the past six months, Circa and Valmet are proud to announce that a Heads of Agreement for a long-term partnership has been signed. The work has upgraded the ReSolute plant to target an annual production of 1,100 tonnes of biosolvent CyreneTM, utilising internal energy supply from biochar created in the process, enhancing the sustainability profile of the plant. Following the design upgrade, the ReSolute plant will very closely resemble a small-scale version of the larger scale FC6 plant. A long-term strategic approach to development of the Furacell™ process will reduce the cost and timeline risk of future plants.
The agreed long-term objective is to develop deployable 10-15 thousand tonne per annum (ktpa) Furacell™ modules capable of operating separately or in multiples, depending on local feedstock and supporting infrastructure availability. By doing so, Circa will deliver on its primary objective of reaching +80 ktpa Cyrene™ production by 2030, complementing the Valmet vision to be a partner of choice in the rapidly expanding biochemical markets.
“Establishing strategic relationships with strong industry partners is needed to deliver Circa’s ambitions in the current challenging global environment. We are very pleased to join forces with Valmet, which provides great support for Circa’s growth ambitions and leverages Valmet’s strong focus on driving the green shift. The partnership will focus on executing the ReSolute project, building expertise and allowing the steady development of FC6, our first large-scale commercial plant,” says Tony Duncan, CEO of Circa Group.
Valmet is a global and leading supplier of energy solutions with more than 220 years in the industry. Their experience with fluidised bed boilers and biomass-to-energy solutions will be a significant resource in successfully realising and optimising the Furacell™ production process at scale. Valmet aims to be the equipment and process supplier for the biomass handling, pyrolizer and energy production portions and plant automation of Circa’s future commercial scale plants.
“Sustainability is at the core of Valmet’s business strategy and operations, and by providing experience and expertise to support companies like Circa, Valmet will be achieving its own goals converting renewable resources into sustainable results. We have been highly impressed by the team and ambition at Circa and look very much forward to working closely with them to realise their objectives,” said Bertel Karlstedt, President, Pulp and Energy business line, Valmet.
Following this agreement, Circa and Valmet are moving to execute the ReSolute project, and in the second half of 2022 will initiate conceptual engineering for the FC6 plant.
Established in 2006, Circa Group converts waste, non-food biomass into advanced bio-based chemicals with its proprietary Furacell™ process. Its developing product portfolio includes flavours, biopolymers, and bio-solvents including Cyrene™, an alternative to traditional polar aprotic solvents. By creating renewable chemicals from cellulose, Circa is extracting value from non-food, surplus biomass and contributing to industry as it transitions to a more circular economy. In March 2021, Circa Group listed on the Euronext Growth Market in Oslo, stock symbol CIRCA.
Valmet is a leading global developer and supplier of process technologies, automation and services for the pulp, paper and energy industries. With their automation systems and flow control solutions Valmet serves an even wider base of process industries.
Valmet aims to become the global champion in serving their customers. Valmet’s 17,000 professionals work close to customers and are committed to improving customers’ performance – every day.
The company has over 220 years of industrial history and a strong track record in continuous improvement and renewal. In 2022, a major milestone was achieved when the flow control company Neles was merged into Valmet. The combined company’s net sales in 2021 was approximately EUR 4.5 billion based on the respective company figures.
Valmet’s shares are listed on the Nasdaq Helsinki and the head office is in Espoo, Finland.
Investor Contact Circa Group
Tone Leivestad, Chief Financial Officer
Circa Group AS
Tel: +47 406 39 455
Hill and Knowlton Strategies
Tel: +47 900 43 484