Avantium, an Amsterdam, the Netherlands-based innovative chemical technology company, closed a financing round of €20m.
Backers included PMV, an independent investment company for Flanders, FPIM, a Belgian Federal Holding and Investment Company, and existing shareholders.
The company intends to use the funds to commercialize its technology.
Led by Tom van Aken, CEO, Avantium is advancing the the YXY technology for producing 100% biobased packaging material PEF (polyethylenefuranoate), a next generation plastic with superior performance. The company’s roll-out plan includes the construction of a ‘reference plant’ with a capacity of up to 50,000 metric tons per year in Antwerp, Belgium.
Avantium recently partnered with BASF signing a letter of intent to establish a joint venture for the production and marketing of the renewable chemical building block FDCA, as well as marketing of PEF. The joint venture intends to use the YXY process technology developed by Avantium to solidify its positions in FDCA and PEF, and subsequently license the YXY technology for industrial scale applications.