In France, AFYREN, a greentech company building a biobased organic acids plant, has received a €9 million (US$9.5 million) loan from Bpifrance, the French state investment bank. The financing will support start-up of its first plant, located in Saint Avold, France.
The loan, structured in two installments of €6 million and €3 million, is part of a 15-year agreement that includes a three-year grace period. It falls under the Bpifrance initiative within the “France 2030” investment framework, which seeks to finance the industrialization of innovative technologies in France.
“This funding is a strong indication of our financial partners’ ongoing support,” Nicolas Sordet, CEO of AFYREN, said in a press statement. “It arrives at a crucial time as we make steady progress in our start-up phases, aiming to achieve continuous production of our commercial products.”
AFYREN is also pursuing a project in Thailand and considering expanding its presence in the Americas.