The plant is scheduled for completion in late 2023 and will produce 5 kilotons of FDCA (furanic dicarboxylic acid) per year. FDCA is an important building block for the 100% plant-based, recyclable polymer PEF (polyethylene furanoate). Commercial production of PEF will be launched from 2024.
“Reaching Financial Close is the culmination of ten years of hard work to bring Avantium’s key product – PEF – to market,” said Avantium CEO Tom van Aken. “It is a huge step forward and a milestone in the sustainability transition of the packaging, fibre and specialty markets.”
Consortium
To support the arrival and realisation of the bioplastics factory, Groningen Seaports, Investment Fund Groningen, Growth Fund and NOM, as a consortium under the name Bio Plastics Investment Groningen, are contributing €20 million. The consortium will receive a minority stake in Avantium Renewable Polymers in return.
Emiel ten Have, investment manager NOM: “The consortium recognised the importance of Avantium at an early stage, issued a financing intention of considerable size for the region, and played an active role in the decision to build this innovative plant in Delfzijl. Bio Plastics Investment Groningen remains committed to the realisation of sustainable initiatives in the North of the Netherlands.
The total investment in the FDCA-plant amounts to more than € 150 million, also partly financed by a banking consortium (ABN AMRO Bank, ASN Bank, ING Bank and Rabobank) and the Dutch impact investment fund Invest-NL.
Avantium and the Northern Netherlands have been discussing the location of the plant for some time. The innovative green chemistry company investigated other locations in the Netherlands and abroad. The combination of the availability of space, the embedding in the Chemport Europe ecosystem and the cooperation between the northern parties were decisive.
Image: Avantium
