Renewable chemistry company Avantium has been given the go-ahead to build its new FDCA flagship plant in Delfzijl, the Netherlands. At the Extraordinary General Meeting on 25 January, the shareholders of the company granted the requested approvals for all items on the meeting’s agenda, including those related to the positive Final Investment Decision on the construction of the world’s first FDCA Flagship Plant taken in December 2021.
Furandicarboxylic acid, or FDCA, is the main building block of the 100% plant-based, recyclable plastic PEF (polyethylene furanoate), a polyester similar to, but offering functional advantages over PET.
The management board was also granted approval to issue 2.84 million warrants to a consortium of banks as part of a €90 million debt financing package, as well the authorisation to issue €45 million in ordinary shares. Edwin Moses, Chairman of the Supervisory Board, thanked the shareholders for supporting the resolutions, saying the company was now entering an ‘exciting new chapter’ in the commercialisation of PEF.
The green light from the shareholders enables Avantium to begin execution of all relevant documentation for the financial close, which is expected in the first quarter of 2022, after which the construction activities will start. The new plant will be completed by the end of 2023 and is expected to be operational in 2024, enabling the commercial launch of PEF from 2024 onwards.