The German project has received state-backed financing

Cyclics has won finance to complete construction of its CBT resin plant in Germany and is already planning to double capacity.

The US company expects to complete the plant in Schwarzheide by the end of 2004 with an initial capacity of 2,500tpa. It said it has orders for a “significant portion” of its first year of production and is planning to increase plant capacity to over 5,000tpa.

Cyclics secured a E55.9m limited recourse financing package from KfW IPEX-Bank. The finance is made up of private equity investments, grants and subsidies from the State of Brandenburg and the German federal government, along with loans and lines of credit from KfW IPEX-Bank.

The completed plant is expected to employ more than 70 people. Cyclics said CBT is finding applications in the automotive, construction, wind power, fuel storage tanks and large castings sectors.