Titanium

H1: revenues €4.7m, EBITDA -€18.8m, cash €23.9m; first FDCA batch produced; planned equity raise ≥€55m and proposed €20m facility; Worley contractual close‑out finalised.

Weld repairs completed with engineering partners. Commissioning continues: utilities and sugar dehydration online; oxidation and purification in final start-up. Commercial sales expected H2 2026

Six batteries: Shenxing (10–15C); Qilin 280Wh/kg (1,000km) & Condensed 350Wh/kg (1,500km); Freevoy hybrid 230Wh/kg (600km); Naxtra Na‑ion GWh scale; charge–swap network, 4k stations.

PFAS-free PPAs for film extrusion and food contact; halogen/antimony‑free Exolit OP 1266 for 800V+ e‑mobility; rice‑bran wax food‑approved additives; titanium catalysts to replace antimony

Titanium scrap from chlor-alkali electrolysis cell production is collected, processed and remelted into high-purity titanium with strict contamination control, traceability and recycling targets.

Start-up delayed to mid-2026 due to titanium weld issues, adding €7M in costs. Sales to begin in the second half of 2026.

New titanium catalysts reduce energy use, improve quality, and address antimony supply issues, enhancing sustainability and efficiency in polyester production.

The acquisition includes a Norwegian ilmenite plant producing titanium slag and pig iron, plus a long-term supply contract for ilmenite from Senegal. The plant will be renamed INEOS Tyssedal.