Avantium declared that it has raised €30 million to develop its innovative YXY technology used in the production of green building blocks.
Avantium will utilize the finance for the development and operations of its pilot plant being constructed in Geleen, Netherlands, and for the advancement of green materials using the YXY technology-based building blocks. The company’s current investors, including Navitas Capital, ING Corporate Investments, Capricorn Cleantech Fund and Aescap Venture as well its new investors De Hoge Dennen, Aster Capital and Sofinnova Partners have contributed for the funds.
Moreover, the Dutch Ministry of Economy, Agriculture and Innovation has granted €5 million in subsidy and innovation credit to Avantium. As part of its investment strategy, the company will use a portion of the funds to align its shareholder base by acquiring stakes owned by Pfizer, EDBI, Eastman, AlpInvest and DFJ Esprit.
In the pilot plant, Avantium will use its YXY technology to produce Furanics building blocks at reduced cost for green fuels and materials. The company will also produce huge quantities of YXY building blocks for application advancement of green materials, chemicals and plastics. These efforts will enable the company to develop and commercialize its next-generation green polyester, PEF.
Instead of oil, plant material can be utilized for the production of PEF. The new material demonstrates superior performance properties over PET, including high heat resistance and lower permeability of water, carbon dioxide and oxygen. The YXY technology allows the production of 100% recyclable,100% biobased polyester with properties and performance comparable with conventional plastic materials like PET.
Avantium is currently working to develop PEF bottles for detergents, cosmetic products, food and beverages. In addition, the company is developing materials using its YXY building blocks that include coatings and polyamides as well as PEF fibers that can be used in carpets and textiles.
Source: http://www.avantium.com