By: EUROPEAN PLASTICS NEWS
January 17, 2014
German materials group Evonik Industries AG has invested in FRX Polymers Inc., which is set to produce halogen-free flame retardant polymers from a new plant in Antwerp, Belgium.
Essen-based Evonik Industries said it has led a $12 million Series C financing round in FRX, with its corporate venture capital fund, Evonik Venture Capital, investing $2.5 million in the round. Completion of the financing coincided with the opening of FRX's plant in Antwerp, its first industrial scale flame retardant facility.
Chelmsford, Mass.-based FRX has developed a family of inherently flame retardant plastics and oligomers, with the trade name Nofia. These are halogen-free, which addresses the environmental concerns of traditional flame retardant additives.
Marc Lebel, president and CEO of FRX Polymers, said: "With Evonik, we have added an important strategic partner who shares the same vision as we do for the growth of the company to our shareholder base."
Other investors in the financing round were FRX's current shareholders: Capricorn Venture Partners, DB Masdar, SAM Private Equity, BASF Venture Capital, Israel Cleantech Ventures, a Western Canadian Syndicate and many of the company's founders and employees.