Our bio-based products are already generating strong interest among leading businesses, and we are moving into the industrialisation phase with confidence and enthusiasm.
France-based technology company Afyren has obtained 60 million in funding to commercialise technology that can produce industrial chemicals from recycled plant waste instead of fossil fuels. The process involves taking sugars from agricultural and certain industrial waste by-products, as well as food waste, and fermenting them into industrial chemicals.
In a statement, Afyren (@AfyrenBiotech) said that the 60m fund will help the company to take its industrial project forward through to full commercialisation.
This major financing plan is an outstanding recognition of the exceptional journey undertaken by our teams, who have gradually and successfully completed all the stages of our ambitious project, Nicolas Sordet, Afyrens CEO said.
He added: Today, we posses good pre-industrial phase technology that we have been working on for several years and that has enabled us to deliver test batches to our first customers. Our bio-based products are already generating strong interest among leading businesses, and we are moving into the industrialisation phase with confidence and enthusiasm.
Afyren produces a variety of chemicals, including butyric acid and acetic acid. Many of the chemicals the company makes are used in the chemical, food and agricultural industries. The company uses waste by-products to produce these acids.
According to the company, its chemicals can be used in the cosmetics, flavours and fragrances markets. It can also be used for human and animal nutrition applications.
Jrmy Pessiot, Afyrens founder in charge of its technology, said: The relevance of our technology is fundamentally linked to its ability to combine ecology and economic performance. We are firmly committed to providing a first-class environmental profile, particularly in terms of reducing CO2 emissions, and also competitiveness, enabling industrial customers to replace petroleum-based products with our natural building blocks. This is what our customers require and what our investors appreciate.
The companys 60m finance package, includes a 21m capital increase. This 21m round of fundraising was led investment firms Sofinnova Partners and Valquest Partners, Supernova, Crdit Agricole Creation and Crdit Agricole Centre France. It also included Afyrens historical shareholders – financial services specialist AFY Partners and investment management firm Sofimac Regions.
Michael Krel, principal at Sofinnova Partners, said: We have been following Afyren for a long time, and we have been impressed with their achievements over the last 18 months. With this round of financing, Afyren now has the human and financial resources needed to industrialise its technology.