Avantium raises funds to pursue commercial-scale PEF resin plant

By Frank Esposito
Senior Staff Reporter

Published: June 6, 2014 1:42 pm ET
Updated: June 6, 2014 1:44 pm ET

Related to this story

Topics Materials, Sustainability, Beverage, Materials Suppliers

Bio-based materials and packaging firm Avantium has received $50 million in financing from a group that includes beverage giant Coca-Cola Co. and blow molder Alpla Werke Alwin Lehner GmbH.

In a June 5 news release, officials with Amsterdam-based Avantium said their firm would use the investment to advance polyethylene furanoate (PEF), a bio-based alternative to PET. The firm already is working with Coke to make bottles from the material.

The new investment will allow for industrial validation of PEF, as well as finalizing the engineering and design of the first commercial-scale plant for the product.

“PEF is a 100 percent bio-based plastic with superior performance compared to today's packaging materials and represents a tremendous market opportunity,” CEO Tom van Aken said in the release. “Our proprietary YXY technology to make PEF has been proven at pilot plant scale as we are now moving to commercial deployment.”

In addition to Atlanta-based Coke and Hard, Austria-based Alpla, firms involved in the new round of financing for Avantium include French food conglomerate Danone and British investment firm Swire Pacific.

Coke next generation materials and sustainability research director Yu Shi added in the release that Coke “believes performance and sustainability can go hand-in-hand to make a world of difference for consumers, the environment and our business.”

“Avantium's breakthrough technology continues to offer a promising pathway for supporting both our efforts to commercialize renewable, plant-based plastics and develop unique properties for packaging to drive new growth,” he added.

Avantium currently makes PEF at a pilot plant in Geleen, the Netherlands. Its first commercial-scale plant — with annual capacity of 110 million pounds — is expected to be operational in 2017.


Comments

Avantium raises funds to pursue commercial-scale PEF resin plant

By Frank Esposito
Senior Staff Reporter

Published: June 6, 2014 1:42 pm ET
Updated: June 6, 2014 1:44 pm ET

Post Your Comments


Back to story


More stories

Image

Corbion Purac collaboration taking bioplastics into even more uses

October 17, 2014 6:00 am ET

Corbion Purac NV's collaboration with Taiwan-headquartered compounder Supla Co. Ltd. and Taiwan electronics producer Kuender & Co. is paying...    More

Image

Momentive gearing up for some timely LSR sales

October 17, 2014 10:58 am ET

Momentive Performance Materials Inc. has plenty of time for customers at Fakuma — thanks to colorful new watchbands made with the firm's fiber-...    More

Image

OnePlastics Group brand created to cover seven different plastics firms

October 17, 2014 9:48 am ET

A Dublin-based company is launching a new brand to unify its plastics businesses into a single entity called OnePlastics Group.    More

Image

Evonik sees clear growth opportunities with new Plexiglas Resist resin

October 17, 2014 6:00 am ET

Evonik Industries AG presented a new specialty molding compound during Fakuma in Friedrichshafen with which it plans to exploit the growing demand...    More

Image

Teknor adding second UK production line

October 17, 2014 9:25 am ET

Teknor Apex Co. will add a second thermoplastic elastomer production line at its United Kingdom plant by the end of 2015 to meet growing demand.    More

Market Reports

Plastics Recycling Trends in North America

This report is a review and analysis of the North American Plastics Recycling Industry, including key trends and statistics based on 2013 performance. We examine market environment factors, regulatory issues, industry challenges, key drivers and emerging trends in post-consumer and post-industrial recycling.

Learn more

Plastics in Mexico - State of the Industry Report

This report analyzes the $20 million dollar plastics industry in Mexico including sales of machinery & equipment, resins and finished products.

Our analysts provide insight on business trends, foreign investment, top end markets and plastics processing activity. The report also provides important data on exports, production, employment and value of plastics products manufactured.

Learn more

Plastics Caps & Closures Market Report

The annual recap of top trends and future outlook for the plastics caps & closures market features interviews with industry thought leaders and Bill Wood’s economic forecast of trends in growing end markets. You will also gain insight on trends in caps design, materials, machinery, molds & tooling and reviews of mergers & acquisitions.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

June 2, 2015 - June 3, 2015Plastics Financial Summit - Chicago 2015

September 16, 2015 - September 18, 2015Plastics Caps & Closures - September 2015

More Events