June 10, 2014

Avantium Raises €36M, ready for commercial-scale

I still have several interviews from last month that I need to post and I'm also receiving recent press releases so please bear with me as I try to juggle work and blogging. Next week, I will be at the ACSGCI Green Chemistry & Engineering conference in Bethesda, Maryland. Follow my tweets at @Dgreenblogger #gcande #greenchemistry.

In the meantime, let me post this news from Avantium announcing its recent €36 million ($50 million) financing round from a consortium of strategic players that consists of Swire Pacific, The Coca-Cola Company, DANONE, ALPLA, and existing shareholders.

Proceeds will be used to complete the industrial validation of PEF (polyethylene furanoate) and finalize the engineering & design of the company's first commercial scale plant. As part of its strategy to use responsibly sourced plant based materials for PEF production, Avantium will validate the use of 2nd generation feedstock.

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