Funds will also be used to construct its pilot plant in Geleen, the Netherlands, which will enable production of Furanics building blocks for green materials and fuels and commercialization of Avantium’s next-generation polyester PEF.
The company is using the YXY technology to create 100% biobased, 100% recyclable polyester PEF which can replace petroleum based polyesters such as PET.
Avantium is also working on developing PEF bottles for beverages, food, cosmetic products and detergents.
The company 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.
Avantium secured the EUR 25m ($36.24m) finance from various investors while EUR 5m ($7.2m) has been raised from the Dutch Ministry of Economy, Agriculture and Innovation.
The company will use part of the finance to buy out shares held by DFJ Esprit, AlpInvest, Eastman, EDBI and Pfizer.
Avantium chief executive officer Tom van Aken said the funding will allow the company to work on the application testing in collaboration with brand owners and industrial partners.
" We are also proud to have secured the support of the Dutch Ministry of EL&I for Avantium as part of their active promotion of the transition to a biobased economy," van Aken said.
