Shell spinoff Avantium raised another EUR 30 million, or about $43.9 million (USD) the company reported Thursday. Avantium produces “chemical building blocks” that industrial plastics, textile and fuel makers need to churn out green products that are as affordable and work as well as petroleum-based equivalents.
Avantium uses a catalytic process to convert carbohydrates into furanics, which are bio-materials that can be made from sugar or non-food sources.
The company plans to use its new funds, in part, to create a 100 percent plant-based, 100 percent recyclable polyester. It also aims to complete and begin operating a production plant in Geleen, the Netherlands. The plant was expected to be up and running already, according to earlier reports by Green Car Congress.
The EUR 30 million included EUR 25 million in financing from: Sofinnova Partners, Aster Capital and De Hoge Dennen as well as existing investors Aescap Venture, Capricorn Cleantech Fund, ING Corporate Investments and Navitas Capital. The company also obtained a subsidy and innovation credit of EUR 5 million from the Dutch Ministry of Economy, Agriculture and Innovation. Part of the overall round was used to buy out shares held by DFJ Esprit, AlpInvest, Eastman, EDBI and Pfizer.