The Danish biotech company Cysbio has received two grants from the EU’s “Horizon 2020” program worth 4.4 million euros.
According to the management, these grants will accelerate the development work and allow faster product introductions.
The company was established in 2019 as a spinout from DTU (Technical University of Denmark). It focuses on producing sustainable biochemicals at very competitive cost levels by modifying microorganisms and enabling them to convert simple sugars into biochemical products, it states. The EU ‘Horizon 2020’, the largest research and innovation program in the EU, has chosen to support Cysbio with two grants totaling DKK 33 million (4,4 million EUR).
“The grants from the EU are a huge recognition of our work and is essential for our future development,” explains Alex Toftgaard Nielsen, CSO & Co-founder, Cysbio.
One grant consists of DKK 15 million under the program Horizon 2020, EIC (European Innovation Council) to develop amino acids for use in food and animal feed. The program extends over 24 months in 2021 and 2022.
The second grant is the Horizon 2020, FTI (Fast Track Innovation) program and consist of DKK 18 million for completion, upscaling, and initial production of zosteric acid (eelgrass acid). Within this FTI program, Cysbio collaborates in a consortium together with the Belgian pilot and demonstration facility Bio Base Europe Pilot Plant as well as the German chemical and consumer company Henkel. Cysbio leads the project and will also develop and market zosteric acid. Bio Base Europe Pilot Plant will ensure the initial production and Henkel will test and market the end products. This program also runs in 2021 and 2022.
With the extra funds, Cysbio will expand activities in 2021 both with more employees and with extra office and laboratory facilities.
“This financial boost will allow us to enter the market faster with our products allowing for new and environmentally friendly solutions to be quickly applied within more sectors. We are proud of this recognition of Cysbio and our technologies, and at the same time very grateful that the EU has a funding program promoting the development of the green agenda and helping start-ups like Cysbio to cross the finishing line,” explains Henrik Meyer, CEO and Co-founder, Cysbio.