Avantium reaches Financial Close for its FDCA Flagship Plant

In the Netherlands, Avantium N.V., a renewable chemistry tech company, said it reached Financial Close for the construction of its FDCA Flagship Plant in Delfzijl, the Netherlands. The world’s first commercial FDCA factory is set to produce 5 kilotonnes of FDCA (furandicarboxylic acid) per annum, the key building block for the 100% fossil-free, recyclable polymer PEF (polyethylene furanoate).

With Financial Close, engineering company Worley and the Groningen Consortium have become minority shareholders in the Avantium subsidiary Avantium Renewable Polymers, responsible for the FDCA Flagship Plant. Furthermore, the €90 million debt financing package has been signed with the consortium of Dutch banks, comprising ABN AMRO Bank, ASN Bank, ING Bank and Rabobank, as well as with impact investment fund Invest-NL. Avantium will now immediately start the construction of the FDCA Flagship Plant, planned to be completed by the end of 2023. This will enable the commercial launch of PEF from 2024 onwards.