Tom van Aken, Chief Executive Officer of Avantium, said: "Avantium is fast approaching the greatest inflection point in its history. Nearly two decades after it all started, we are preparing to begin commercial operations at our FDCA Flagship Plant in 2024. Throughout 2023, we achieved multiple notable milestones, including the signing of our first technology licensing agreement and securing additional offtake agreements for the FDCA Flagship Plant. The FDCA Flagship Plant construction is progressing well with the first commissioning activities recently initiated. The construction of the FDCA Flagship Plant has been impacted by rising costs, and we greatly appreciate the support of our strategic partners and lenders in securing an extra financing package. Following the successful equity raise of €70 million in February 2024, we expect to remain well-capitalised until our Flagship Plant is fully commercially operational.
In other areas of the Company, 2023 proved to be a strong year for our carbon capture and utilisation (CCU) solution Volta Technology, with the business signing collaborations with global industry leaders SCGC and Norsk Hydro. Our plants-to-glycols Ray Technology made encouraging progress from both a technical and a commercial perspective. Nonetheless, to reinforce our strategic focus on the commercialisation of FDCA and PEF, we have decided to put further investments in our Ray Technology on hold. For our R&D Solutions business, we believe our new business plan will continue to deliver growth.
Looking ahead, we are well-positioned to create sustainable long-term value for our stakeholders. We would like to thank our partners and shareholders for their ongoing trust and loyalty, and our colleagues for their commitment and determination to bring a new plant-based polymer to the market. With the successful completion of our recent fundraise, we are well positioned to start-up our FDCA Flagship Plant, launch PEF products on the market and accelerate the implementation of our FDCA/PEF licensing strategy."
Press release:
https://www.avantium.com/wp-content/uploads/2024/03/20240320-Avantium-Well-Capitalised-and-Continued-Good-Progress-in-the-Execution-of-its-Strategy.pdf
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