Avantium raises €20m in round led by PMV

Other investors include Belgium-based Federal Holding and Investment Company and Avantium's existing shareholders. 

The funds will be used to commercialise Avantium's polyethylenefuranoate-based packing material.

Other plans include the construction of a commercial plant in Antwerp to produce furandicarboxylic acid (FDCA), with a capacity of up to 50,000 metric tonnes per year.

This round of funding comes shortly after Avantium and Belgian chemical company BASF announced their intention to establish a joint venture for the production and marketing of the renewable chemical building block FDCA, as well as the marketing of PEF.

Avantium will thus make the plant investment together with BASF, and the reference plant will be based at BASF's Verbund-site in Antwerp.

Company
Founded in 2000 as a spinout from Royal Dutch Shell and headquartered in Amsterdam, Avantium is a chemical technology company largely focusing on renewable chemistry.

Avantium also provides advanced catalysis research services and systems to chemical and petrochemical companies.

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