Avantium reaches milestones for its FDCA flagship plant
By b2design
Avantium, a leading technology company in renewable chemistry, has reached commitments for more than 50% of the output of its planned FCDA plant.
Flagship FDCA plant in Delfzijl
Avantium aims to commercialise its proprietary plants-to-plastics YXY® technology. This process is used for the production of FCDA (furandicarboxylic acid), which is the key building block for PEF. PEF stands for polyethylene furanoate, which is a 100% fossil-free, recyclable polymer .
The planned capacity of this plant is 5 kilotonnes of FDCA per year.
Offtake agreements
Avantium had already reached commercial agreements with:
And is now adding a fifth partner:
The offtake agreements represent a total volume of over 50% of the FDCA production capacity of the flagship plant. This marks an important step towards a positive Final Investment Decision (FID) for the construction of the world’s first commercial FDCA plant, which Avantium would plan to open in 2023.
Capital increase
Recently, Avantium successfully raised €28 million trough an accelerated bookbuild offering, which is primarily intended for the flagship FDCA plant in Delfzijl.
Tom van Aken, Chief Executive Officer of Avantium: “We are very pleased with this successful capital increase that is an important component in moving forward towards a Final Investment Decision on the construction of the FDCA flagship plant. We believe that this puts Avantium in a good position to secure the remainder of the required flagship plant financing. I would like to thank all investors for their trust and confidence in our business and strategy.”