Amsterdam-based Avantium, a company specialising in sustainable chemistry technologies, has raised €11.2M by selling 6,380,223 new shares. This amounts to about 8 per cent of the company’s total shares.
The offer shares have been placed at a discount of 14.5 per cent to the closing price of €2.05, representing €1.75 per new ordinary share.
The money from the offering, along with Avantium’s current funds and a financing package of up to €35.1M, is expected to support working capital and startup costs for the FDCA Flagship Plant in 2025.
The remaining part of the net proceeds (if any) will be used by Avantium for general corporate purposes.
Boudewijn van Schaïk, Chief Financial Officer of Avantium, says, “We are very pleased with this successful capital increase, which is part of the broader financing package we announced yesterday. This financing package of €46M in total will support the funding of our FDCA Flagship Plant’s start-up phase. We would like to thank our shareholders as well as new investors joining us today for their trust and continued belief in our ambition and strategy.”
The announcement comes a month after the official opening ceremony of its FDCA (furandicarboxylic acid) Flagship Plant in Delfzijl, the Netherlands.
It is the first factory to produce bioplastic PEF, which can be used for bottles, packaging, and clothing, among other things.
Additionally, in October, the Dutch company raised secured a €3.5M grant from the EU Horizon Europe programme to support its involvement in the ICONIC research and development initiative.
Avantium: Commercialising innovative chemistry technologies
Founded in 2000 by Claude Stoufs, Avantium is a commercial-stage company specialising in renewable and circular polymer materials. It develops and commercialises technologies to produce materials from sustainable carbon feedstocks, such as biomass and CO2.
Its leading YXY Technology converts plant-based sugars into FDCA (furandicarboxylic acid), the key component of the sustainable plastic PEF.
The Amsterdam company has demonstrated this technology at its pilot plant in Geleen, Netherlands.
The company also offers R&D solutions in sustainable chemistry and catalyst testing. Listed on Euronext Amsterdam and Euronext Brussels, Avantium collaborates globally to create renewable chemistry solutions.
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