AFYREN Obtains New Financing of 9 Million Euros to Support the Start-Up of AFYREN NEOXY
November 28 2024 - 12:00PM
Business Wire
Regulatory News:
AFYREN (Paris:ALAFY), a greentech company that offers
manufacturers biobased, low-carbon ingredients produced using
unique fermentation technology based on a completely circular
model, announces today it has obtained a new loan “Prêt Nouvelle
Industrie” from Bpifrance (French state investment bank) of 9
million euros for its AFYREN NEOXY affiliate, to support the
start-up phase of this pioneering plant.
A new financing to support the start-up phase of AFYREN
NEOXY
AFYREN is pleased to announce that it has obtained a new 9
million euros loan, to be paid in two instalments of 6 and 3
million euros respectively1. This 15-year loan, including a 3-year
grace period, was granted to AFYREN NEOXY and is part of a
Bpifrance scheme developed within the “France 2030” investment
framework which aims at financing the industrialization of
innovative technologies.
This loan validates AFYREN's innovative industrial approach and
demonstrates the company's ability to get access to financing in a
complex environment. It is part of a broader financing plan
currently being structured to further strengthen AFYREN's financial
position during the start of continuous production and the ramp-up
period.
Nicolas Sordet, Chief Executive Officer of AFYREN, said:
“This new non-dilutive financing is a very positive signal that
shows the continued support of our financial partners. It comes at
a time when we are making weekly progress on our remaining start-up
stages, with a view to delivering the continuous production of
commercial products for our customers.”
Update on acid production and sales
In its last progress report on 30 September 2024, AFYREN
described the operational adjustments required to achieve
continuous production.
To date, the replacement of the corrosion damaged piece of
equipment has been successfully completed and additional production
ramp-up campaigns are being launched to reach this objective.
In parallel with this work, AFYREN is maintaining its good
commercial momentum: the commercial acid deliveries made in October
have received positive feedback from customers on the quality of
the products, which are now being invoiced.
AFYREN will provide a further update on its operational and
financial progress in the coming weeks.
About AFYREN
AFYREN is a French greentech company launched in 2012 to meet
the challenge of decarbonizing industrial supplies. Its natural,
innovative and proprietary fermentation technology valorizes local
biomass from non-food agricultural co-products, replacing
petro-sourced ingredients usually used in many product
formulations. AFYREN's 100% biobased, low-carbon and sustainable
solutions can meet decarbonization challenges in a wide variety of
strategic sectors: human and animal nutrition, flavors and
fragrances, life sciences and materials, and lubricants and
technical fluids. AFYREN's plug-and-play, circular technology
combines sustainability and competitiveness, with no need for
manufacturers to change their processes.
The Group's first French plant, AFYREN NEOXY, a joint venture
with Bpifrance's SPI fund, is located in the Grand-Est region of
France, in Saint Avold, serves mainly the European market.
AFYREN is also pursuing a project in Thailand with a world
leader in the sugar industry, and is developing its presence in the
Americas, following up on previously signed distribution
agreements.
At the end of 2023, the AFYREN Group employed about 120 people
in Lyon, Clermont-Ferrand and Carling Saint-Avold. The company
invests 20% of its annual budget in R&D to further develop its
sustainable solutions.
AFYREN has been listed on the Euronext Growth® exchange in Paris
since 2021 (ISIN code: FR0014005AC9, mnemonic: ALAFY).
Find out more: afyren.com
1 3 million euros instalment subject to start-up milestones
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AFYREN Director for ESG, Communications and Public
Affairs Caroline Petigny caroline.petigny@afyren.com
Investor Relations Mark Reinhard
investisseurs@afyren.com
NewCap Investor Relations Théo Martin / Mathilde
Bohin Tel: 01 44 71 94 94 afyren@newcap.eu
NewCap Media Relations Nicolas Mérigeau / Gaëlle
Fromaigeat Tel: 01 44 71 94 98 afyren@newcap.eu
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