Avantium raises €30M to advance YXY technology for green chemicals and fuels; new bio-based polymer PEF
09 June 2011
Avantium, which spun off from Shell in 2000 to develop furan-based biofuels and biomaterials (earlier post), has raised €30 million (US$43.9 million) to advance its YXY technology, which converts carbohydrates into furanic building blocks for making renewable materials and fuels. Furanics are heteroaromatic compounds derived from the chemical intermediate HMF (hydroxymethylfurfural, C6H6O3).
Avantium completed a €25-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 secured a €5-million 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 will use the funds for the construction and operation of its pilot plant in Geleen, the Netherlands, and for the development of green materials on basis of these YXY building blocks. The pilot plant will also be able to produce larger volumes of YXY building blocks for application development of new, green plastics, chemicals and materials. This will facilitate the development and commercialization of Avantium’s next-generation polyester: PEF.
YXY is a patented technology that converts biomass into furanics building blocks such as FDCA (2,5-Furandicarboxylic acid). FDCA is the monomer that can be used for the production of the green polyester PEF (Poly-ethylene-furanoate). The process is based on Avantium’s catalytic technology. YXY can be implemented in existing chemical production assets.
PEF is a new polymer that can be made out of plant material instead of oil; Avantium is targeting the replacement of petroleum-based polyesters as PET with PEF. 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.
The YXY technology makes it possible to produce a 100% bio-based, 100% recyclable polyester that can compete on price and performance with traditional materials such as PET. Avantium is actively working on the development of PEF bottles for beverages, food, cosmetic products and detergents. In parallel, Avantium is developing both PEF fibers, used for textiles and carpets, as well as other materials based on of its YXY building blocks, such as polyamides and coatings.
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