Afyren secures €3 million for plant buyout
In France, biobased carboxylic acids producer Afyren has received a €3 million (US$3.5 million) grant from the Grand Est Region through the European Just Transition Fund. The funds will contribute to financing the company’s recent buyout of its AFYREN NEOXY plant, now 100% owned by Afyren after the company completed a full buyout of its NEOXY biorefinery from SPI (Bpifrance) for €11.3 million.
“Recent geopolitical events have highlighted the vulnerability of economic models that are heavily dependent on oil and at the same time have underscored the relevance of alternative biobased solutions,” Nicolas Sordet, Afyren CEO, said in a press statement.
The company also said it has reached the milestones required to obtain the final €2.2 million payment of the grant awarded under Bpifrance’s France Relance call for projects.
Category: Chemicals & Materials
