FRX Polymers, a producer and distributor of innovative, environment-friendly flame retardant plastics, has completed $26.7 million Series B financing round. BASF Venture Capital and DB Masdar Fund (DBM) are the new investors and the existing investors include North Sky Capital, SAM Private Equity, Capricorn Cleantech Fund and the company’s founders and employees.
A part of the funding will be used to establish FRX’s first commercial-scale manufacturing plant in Antwerp, Belgium, which is expected to commence operation in the fourth quarter of 2013. In addition, the funds will also be utilized to expand the company’s pilot facility in Switzerland.
At present, FRX is in the process of commercializing its oligomers, copolymers and polyphosphonate homopolymers. The company produces rigid, transparent plastics with high melt flow. FRX’s products are distributed as reactive flame retardant additives, flame retardant engineering plastics and polymeric flame retardant additives are distributed in the transportation, building and construction and electronic markets. Till now, the company has 58 patent applications and 20 granted patents. The company operates a polymer pilot facility in Switzerland and two pilot plants in Chelmsford, Massachusetts.
Marc Lebel, FRX Polymers’ President and CEO, remarked that with a strong support from a number of investors, the company will be able to entirely capitalize on its business capability. Alex O’Cinneide, General Manager of Masdar Investments, quoted that they are pleased to make an investment in FRX, as it has a strong management team, a notable list of industrial partners, a scalable process, a strong patent portfolio and industry proven products.