Carbiotix provides Q3 2024 update of ongoing NutraCycle projects
Carbiotix AB (publ) ("Carbiotix" or “the Company") announces today an update for Q3 2024 regarding its ongoing NutraCycle projects as previously communicated. Since August 29th, the total number of customer projects increased by four, bringing the total to sixteen. The Company has added three laboratory pre-studies and one pilot pre-study. Carbiotix expanded its customer base with three new customer projects in Europe and its first customer project in Africa. Among these new customers are two companies with annual revenues exceeding 1 billion USD. Additionally, five new customer side-streams were added, and Carbiotix now has customer projects across all side-stream categories.
Erik Deaner, CEO of Carbiotix, comments:
I am extremely pleased by the growth in NutraCycle customer projects since our last update just one month ago. The continued strong interest in our value proposition is evident as we engage with potential customers through digital outreach and face-to-face meetings. This interest, represented by an expanding pipeline of qualified leads, is expected to grow during the second half of 2024, especially as our tradeshow schedule ramps up again starting with Future Food-Tech in London this week.
I welcome the addition of three new laboratory pre-study projects and one pilot pre-study from a previous project, bringing the total number of customer projects to sixteen. Our focus is to increase the number of pre-study projects globally and advance customers through the pilot and joint development phases as quickly as possible, which is in the interest of all parties. To support this, we have shortened our no cost laboratory pre-study phase to approximately one week, established protocols to run parallel projects, and continue working towards shortening the time of pilot and joint development phases. This approach aims to help our customers to expedite their decision to enter a license agreement and invest in a NutraCycle process.
It is also encouraging to see a healthy geographic distribution of customer projects, including our first customer in Africa, and projects with companies of varying sizes and annual revenues. We now have four customer projects with companies that have annual revenues of over 1 billion USD, and we are in dialogue with several other top 100 global food & beverage companies. This wide-ranging interest, from form large enterprises to small firms, demonstrates the broad appeal of our NutraCycle service and the growing focus on onsite upcycling.
Moreover, we now have projects across all side-stream categories, enabling us to accelerate pre-study and joint development phases over time, using previous projects as templates. This also allows us to explore the application of insights from one side-stream to others. Additionally, it marks the beginning of realizing the true value of the NutraCycle Network, which is leveraging the collective knowledge and experiences of all NutraCycle customers working with onsite upcycling to make their food & beverage, ingredient, or feed products more healthy, more profitable, and sustainable.”
Forward-looking statements
This communication contains forward-looking statements, consisting of subjective assumptions and forecasts for future scenarios. Predictions for the future only apply as of the date they are made and are, by their nature, as is research and development work in the biotechnology segment, associated with risk and uncertainty. With this in mind, the actual outcome may deviate significantly from the scenarios as described in this press release.
For further information:
Carbiotix AB
Erik Deaner, CEO
Tel: +46 (0)738 67 30 85
E-mail: erik.deaner@carbiotix.com
Carbiotix AB (CRBX) (www.carbiotix.com) is an award-winning biotechnology company pioneering the onsite upcycling of plant-based side-streams. Carbiotix mission is to improve the health of people by increasing the consumption of prebiotics and other active ingredients from upcycled side-streams. Carbiotix offers one core service today called NutraCycle, an on-site upcycling and fortification service allowing food & beverage, ingredient, and feed producers to turn plant-based products into healthier, more profitable, and sustainable products.
