FDCA is a raw material produced from industrial sugars for the biobased plastic PEF, a promising alternative to PET that caught the attention of brand owners worldwide. As of now, 15 off-take agreements have already been signed, including with beer brewer Carlsberg.
But the FDCA flagship plant currently under construction in Delfzijl is turning out to be substantially more expensive than expected. Avantium blames this on inflation, higher interest rates and disruptions in the supply chain. In total, an additional €255 million will be needed in the coming years, including €63 million to bridge the period until the plant will be operational. Starting from the second half of 2024, the plant will produce 5 kt of FCDA per year. From 2026, CEO Tom van Aken expects to bring in €100 million a year, also partly thanks to the sale of technology licences.
Stopping Ray technology will eliminate 25 of the company’s total 170 jobs at Avantium’s Amsterdam headquarters. Avantium plans to raise further funds through additional loans and a planned €50 million equity issue.
There will be a special shareholders’ meeting on 24 January 2024 about this. Read more on the website of Avantium.
Image: Avantium
