Avantium shareholders give green light for world’s 1st FDCA Flagship Plant construction

In the Netherlands, Avantium’s shareholders granted the requested approvals for all items on the agenda related to the positive Final Investment Decision on the construction of the world’s first FDCA Flagship Plant taken in December 2021. Avantium expects the FDCA Flagship Plant will be operational in 2024, enabling the commercial launch of PEF from 2024 onwards.

FDCA (furandicarboxylic acid) is the main building block of the 100% plant-based, recyclable plastic PEF (polyethylene furanoate), which also has functional advantages over plastics made from petroleum. Approval was also granted for the authorisation to the Management Board to issue 2.84 million warrants to a consortium of banks as part of a €90 million Debt Financing Package, as well the authorisation to the Management Board to issue €45 million in ordinary shares.

The green light from the shareholders allows Avantium to begin execution of all relevant documentation to complete the transaction (“Financial Close”), which is expected in the first quarter of 2022. Construction of the FDCA Flagship Plant is planned to start after Financial Close and to be completed by the end of 2023. Avantium expects that the FDCA Flagship Plant will be operational in  2024, enabling the commercial launch of PEF from 2024 onwards.