Avantium raises $43M for scale-up of green materials, fuels building blocks

June 9, 2011 |

In the Netherlands, Avantium has completed a $36M million financing round with new investors Sofinnova Partners, Aster Capital and De Hoge Dennen as well as existing investors Aescap Venture, Capricorn Cleantech Fund, ING Corporate Investments and Navitas Capital.

In addition Avantium has secured a $7M subsidy and innovation credit, from the Dutch Ministry of Economy, Agriculture and Innovation (EL&I). Part of the funding has been used to buy out shares held by DFJ Esprit, AlpInvest, Eastman, EDBI and Pfizer, aligning the company’s shareholder base with its strategy.

Avantium is building a pilot plant to demonstrate its YXY technology which enables the cost effective production of Furanics building blocks for green materials and fuels. This will facilitate the development and commercialization of Avantium’s next-generation polyester: PEF.  PEF is a novel molecule that canreplace petroleum based polyesters such as PET. Avantium has demonstrated that PEF has numerous superior properties when compared with PET, including lower permeability of oxygen, carbon-dioxide and water and an enhanced ability to withstand heat.

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