Key Highlights:
• Construction of FDCA Flagship Plant nearing completion, and commissioning activities underway; official opening ceremony scheduled for 22 October 2024
• Start-up of the FDCA Flagship Plant planned for Q4 2024
• Total capital expenditure for the FDCA Flagship Plant estimated to be €175 million
• In August 2024, final tranche of €15 million drawn down under the €105 million Debt Financing Facilities for Avantium Renewable Polymers
• Avantium R&D Solutions partners with TNO for a key green hydrogen production technology
• Committed orders for Avantium R&D Solutions up by 88% YoY and revenues up by 15% YoY
Tom van Aken, Chief Executive Officer of Avantium: "We are excited to confirm that our FDCA Flagship Plant is almost ready. We view the start-up of the Flagship Plant as the most important milestone in the history of the Company, as it will be the world's first FDCA plant and it will enable the commercial launch of PEF, our 100% renewable and circular plastic material. Commissioning activities at the Plant are ongoing, in line with expectations, to enable start-up in the fourth quarter of 2024. I am proud of our team and their huge efforts to successfully execute this landmark project.
Our FDCA Flagship Plant is designed to demonstrate that our FDCA/PEF technology can operate at an industrial scale and we believe that this will open the door to further licensing deals, involving even larger production facilities, with a series of international partners keen to help make PEF available for use in a wide range of products around the world.
We look forward to welcoming our partners, shareholders and other stakeholders to the official opening ceremony of the FDCA Flagship Plant on 22 October 2024, and to the Retail Investor Day on 23 October 2024, to celebrate this historic milestone with us."
Press release:
https://newsroom.avantium.com/avantium-continues-to-progress-towards-the-start-up-of-its-fdca-flagship-plant-in-2024/
© 2024 GlobeNewswire (Europe)
