BASF Future Business’ wholly owned subsidiary, BASF Venture Capital has made an investment of $2.7 million in FRX Polymers, an advanced materials company headquartered in Chelmsford, Massachusetts.
The investment made by BASF Venture Capital is part of FRX Polymers’ series B financing round valued at $26.7 million. FRX Polymers is a developer and manufacturer of non-halogen flame-retardant polymers. The company runs a larger polymer pilot facility in Switzerland and two pilot plants in Chelmsford, Massachusetts.
BASF Venture Capital’s Investment Manager, Oliver Guthmann, stated that FRX Polymers’ polymeric flame retardants demonstrate unique properties. These flame retardants are composed of organic polymers and their active ingredient is phosphorus. Their polymeric structure does not allow them to move out over time and helps them to retain the mechanical and optical properties of the polymer wherein they are integrated. In addition, these flame retardants can also be utilized as plastics by themselves, thus making them suitable for producing thin transparent high heat products, including LED light diffusers and electronic sheets. Another advantage of the retardants is their sustainability as they are devoid of halogen.
In the plastic processing industry, the flame retardants are utilized in several products such as monitor or computer housings. FRX Polymers’ Chief Executive Officer, Marc Lebel stated that the demand for the company’s eco-friendly products is ever-increasing. Hence, the company will use the fund raised from the financing round to further extend its sales operations and its new manufacturing facility in Antwerp.
Source: http://www.basf.com