Avantium announced today that it has closed a financing round of €36 million ($50 million) from a consortium of strategic players consisting of Swire Pacific, Coca-Cola, DANONE, ALPLA, and existing shareholders.
According to Avantium CEO Tom van Aken, the deal represents a huge step toward the first commercial scale plant for the production of the company's biobased plastic, PEF. "This investment makes it possible for us to complete the industrial validation of PEF and finalize the engineering and design of the first commercial scale plant," he said. As part of its strategy to use responsibly sourced plant based materials for PEF production, Avantium will also validate the use of second generation feedstock.
The investment is an affirmation of the consortium's commitment to making PEF a commercial success. PEF is a 100% biobased plastic that exhibits superior barrier, thermal and mechanical properties compared to available packaging materials. Furthermore, PEF offers great potential for in materials as fibers, films and other applications.