Amsterdam’s Avantium receives €3.5M EU grant to turn CO2 into sustainable high-value products

Amsterdam-based Avantium, a company specialising in sustainable chemistry technologies, has secured a €3.5M grant from the EU Horizon Europe programme to support its involvement in the ICONIC research and development initiative.

Avantium will receive the grant for its participation beginning in January 2025 and will be distributed in stages over four years.

The ICONIC project

ICONIC, or Innovative Electrochemical CO2 Conversion to Versatile Feedstock, is a programme focused on converting CO2 into formic acid, an essential ingredient for sustainable protein production.

Avantium, known for its technologies that convert biomass and CO2 into valuable materials, is advancing its Volta Technology platform in the ICONIC project.

The platform uses electrochemistry to convert CO2 from refinery gases into formic acid, which will then be used to produce sustainable products like animal feed proteins and palm oil alternatives.

The ICONIC project, backed by a €15M EU grant, will run for four years and involve 12 partners across Europe, including Avantium, SINTEF, Tupras, Cool Planet Technologies, B.FAB, Procter & Gamble, Idener, NoPalm, Bio Base Europe Pilot Plant, TNO and CO2 Value Europe. It will demonstrate the full process from CO2 capture to the production of valuable end products.

Annelie Jongerius, Technology Manager Volta Technology at Avantium, says, “Avantium is excited to collaborate with other like-minded organisations on the ICONIC project.”

“This prestigious grant underlines our expertise in CO2 conversion and our ability to scale up our Carbon Capture and Utilisation (CCU) technology on a large scale, including the construction of an industry ready full sized cell stack.”

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. Avantium has demonstrated this technology at its pilot plant in Geleen, Netherlands, and is constructing the world’s first commercial FDCA plant, set to open on 22 October 2024.

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.

Avantium says, “Our goal is to become a world leader in renewable polymers and to commercialise our technologies through strategic alliances and licensing.”

“Licensing is particularly important to us because it is not only the most capital-efficient way to commercialise our technologies but also the fastest way to bring our sustainable solutions to market. By deploying them globally, we aim to meet the increasing demand for renewable and circular materials.”

In February 2024, Avantium raised €70M through a capital increase, comprising a €50.5M fully underwritten rights offering and a €19.5M institutional upsize offering.