Biotrend Enerji Announces Financial Results

Biotrend Enerji Announces Financial Results Biotrend Enerji has announced its financial results. The company's gross profit for the first half of 2022 reached TRY 153 million, a 293 percent increase compared to the same period in 2021. Biotrend Enerji, the energy company of Doğanlar Holding A.Ş., unveiled its financial figures and new partnerships. The meeting held in Istanbul under the hosting of Doğanlar Holding Board Chairman Davut Doğan was attended by Biotrend Enerji CEO Osman Nuri Vardı, Biotrend Deputy General Manager Mehmet Ali Nalçacıoğlu, and Doğanlar Holding board members. At the meeting where Biotrend Enerji's 2022 financial figures and new partnerships were disclosed, emphasis was placed on the importance of renewable energy and carbon agreements. Biotrend Enerji, one of the leading companies in the renewable energy sector, sold all the electricity it produced in the first half of 2022 under the YEKDEM scheme, raising its first-half 2022 gross profit by 293 percent compared to the same period in 2021 to TRY 153 million. As of end of June 2022, the company operates facilities with 92.2 MW installed electrical capacity, disposing of 1 million 710 thousand tons of municipal waste and reducing carbon dioxide emissions by 2.7 million tons. The company plans to increase its investment amount to USD 250 million by the end of 2022. Additionally, under a new agreement within the scope of carbon asset certification processes, revenue of USD 20 million is planned to be generated. In the first half of 2022, consolidated EBITDA reached TRY 176 million, a 255 percent increase compared to the same period of the previous year, while net sales in the first half of 2022 reached TRY 522 million, representing a 227 percent increase in total consolidated net sales compared to the same period of the previous year. The period profit attributable to the parent company in the first half of 2022 rose by 18 percent compared to the same period in 2021, from TRY 18 million to TRY 21 million. The company signed a partnership agreement with Honeywell for an advanced plastic recycling facility it will build in Turkey, using Honeywell's UpCycle Process technology to convert plastic waste into recycled polymer feedstock. The facility, where mixed plastic waste will be converted into recycled polymer feedstock (RPF), will enable the development of a circular economy for plastics. When completed, the facility will be Turkey's first commercial-scale plastic waste recycling facility. With capacity increases implemented at İnegöl Biogas and Bergama Landfill Gas Facilities, installed capacity was raised to 97.8 MW. Operating electrical capacity of 181 MW across 11 provinces, Biotrend Enerji processed 1 million 710 thousand tons of municipal waste in facilities with 92.2 MW installed electrical capacity in the first half of the year, reducing carbon dioxide emissions by 2.7 million tons. Processing approximately 20 percent of municipal waste sent to regulated landfill sites across Turkey, the company generated 281 million gross and 263 million kW net electricity in the first half of 2022, meeting the electricity needs of approximately 200,000 households for 6 years.

"We completed the sale of 4 million tons of carbon emission credits"

Biotrend Enerji CEO Osman Nuri Vardı, noting that they completed the sale of 4 million tons of carbon emission credits, stated: "We have completed the certification documentation for the processes related to reducing carbon emissions in our country through renewable energy we produce. In the initial phase, we signed a sales agreement with a Swiss company for 4 million tons. We completed the sale of 4 million tons of carbon emission credits. As we approach the end of the year, after the certification processes of our other projects are completed, these amounts will increase. In 2023 and beyond, we will realize significant sales of our carbon emission credits through agreements with various mechanisms. As of end of June 2022, we converted 1 million 710 thousand tons of municipal waste in facilities with 92.2 MW installed electrical capacity and reduced carbon dioxide emissions by 2.7 million tons," he said.

"Renewable energy in our country is improving day by day"

Vardı, noting that renewable energy in Turkey is improving day by day, stated: "Renewable energy in our country has reached more beautiful points day by day with our government's policies as well. Over the past approximately 10 years, the added value of renewable energy has doubled relative to our needs. As a country, our energy supply increases every year. To meet this, through renewable mechanisms, solar power plants, and steps taken to meet the consumption needs of unlicensed individuals, this gap narrows day by day. When it comes to transmission infrastructure, the changing nature of people's residential areas worldwide makes transmission increasingly difficult. Serious investments are being made in our country on this matter. In the coming years, with these being resolved and with nuclear energy coming into play, I believe our country will meet its energy needs from renewable sources. I believe that in the coming years, Turkey will perhaps be in the most advantageous position in the face of these ongoing crises. Needs and conditions are changing day by day in the world. In 2023, we are developing projects not only in the energy field but especially in carbon, greenhouses, fertilizer, and recycling for a sustainable world. I believe we will come to the forefront even more in the coming years with these," he said.

"We will reduce Turkey's imported raw material imports"

Mehmet Ali Nalçacıoğlu, Deputy General Manager of the company, noting that they are working to reduce Turkey's imported raw materials, stated: "Of the 100 units of waste coming to our facilities, approximately 55 units are used in organic biogas production. Of the remaining portion, 2 to 5 percent of recyclable plastics or other materials are recovered. From the remaining waste, we produce waste-derived fuel from approximately 15 to 20 percent of waste. In the remaining 25 percent portion, there are still plastic waste that we can utilize. It is not possible to mechanically recover these. When plastic is recycled, it becomes a lower-quality plastic. After 2nd or 3rd recycling, some waste inevitably goes to landfill or is utilized as fuel. Chemical recycling is actually promoted in the world as advanced recycling rather than recycling. Through a technology we call pyrolysis, waste is chemically transformed to the purity of raw material. Thus, waste we throw away becomes a more valuable form of plastic. This application is a new process in the world. The application in America, China, Singapore and Europe has not yet reached the implementation stage. This application has many benefits for us. It will extend the lifespans of the facilities we currently operate with regular landfilling. We will serve sustainability and the economy. Besides these, it is work that will reduce Turkey's imported raw material imports. When completed, the facility will be Turkey's first commercial-scale plastic waste recycling facility," he said.

"Carbon trading at the border is important"

Nalçacıoğlu, addressing the carbon agreement, stated: "When it comes to the carbon agreement, if we did not take these waste from nature and dispose of it, it would cause emissions in nature. We separate it, bury it, extract its biogas, and subsequently convert it into electricity and heat energy. Using the calculation methods applied, we document it as one ton of carbon dioxide certificate. Our Izmir, Harmandalı and Balıkesir projects will initially complete the sale of 2.6 million tons accumulated ton certificates. In the coming years, with carbon trading at the border, if the market is now 4-5 dollars, with carbon trading at the border these will become even more valuable," he said.