The past six months have seen Avantium making ‘significant positive strides across our business’, said CEO Tom van Aken in a statement released earlier today.
Next to commencing construction of its commercial facility for the production of FDCA - a world first - the company has successfully improved its cash position and increased the number of offtake agreements from 5 to 10.
Total revenues increased in the first half of 2022 by 5% to €5.0 million compared to €4.7million for the same period in 2021; other income from government grants decreased by 3%, from €3.3 to €3.2 million. The cash position was €72.1 million on 30 June 2022 (31 December 2021: €34.9 million), of which €20.7 million is ringfenced cash for the Avantium Renewable Polymers business unit to utilise for its operations and construction of the FDCA flagship plant. The improved overall cash position is primarily due to the successful €45 million capital increase by means of a public offering in April 2022.
FDCA is the key building block of the biopolyester polyethylene furanoate, or PEF. The new facility will allow us to accelerate commercialisation of our technology and make PEF widely available, noted Van Aken, adding that the equity offering in April 2022 has allowed us to ‘invest further in delivering rapid progress across our business’.
“We have also expanded our commercial partnerships, reinforcing both the value and huge potential of PEF,” he stated.