MOSCOW (MRC) -- Avantium N.V., announces that it has reached financial close for the construction of its FDCA flagship, plant in Delfzijl, the Netherlands, according to SpecialChem.
The world’s first commercial FDCA factory is set to produce 5 kilotonnes of FDCA (furandicarboxylic acid) per annum, the key building block for the 100% plant-based, recyclable polymer PEF (polyethylene furanoate).
Avantium CEO, Tom van Aken comments, “Reaching Financial Close is the culmination of a decade’s worth of hard work to bring Avantium’s lead product - PEF - to market.
"It is a huge step forward in bringing a new, revolutionary material to the market, and a milestone in the sustainability transition of the packaging, fibre and specialty markets,” adds Aken.
With financial close, engineering company Worley and the Groningen Consortium have become minority shareholders in the Avantium subsidiary Avantium Renewable Polymers, responsible for the FDCA flagship plant.
Furthermore, the €90 million debt financing package has been signed with the consortium of Dutch banks, comprising ABN AMRO Bank, ASN Bank, ING Bank and Rabobank, as well as with impact investment fund InvestNL. Avantium will now immediately start the construction of the FDCA Flagship Plant, planned to be completed by the end of 2023.
This will enable the commercial launch of PEF from 2024 onwards. On 9 December 2021, Avantium announced that it had taken a positive Final Investment Decision (FID) to construct the FDCA flagship plant, after obtaining, amongst other, sufficient financing. Worley and the Groningen Consortium together have acquired a 22.6% shareholding in Avantium Renewable Polymers, while Avantium continues to hold 77.4% of the equity.
As MRC informed before, in 2011, Avantium (Amsterdam) raised EUR 30 million, money it says it will use to develop and commercialize a next-generation polyester based on bioderived Furanics building blocks. Avantium will apply the funds to the construction and operation of its pilot plant in Geleen, the Netherlands, as well as to develop more green materials, including a polyamide, on the basis of its YXY building blocks.