In France, biobased organic acids firm AFYREN has announced a €10 million (US$10.2 million) sustainability-linked loan for its subsidiary, AFYREN NEOXY. The company also said it aims to initiate continuous production at its AFYREN NEOXY plant in 2025, a shift from its previous target of 2024.
“With our production launch and first sales in 2024, we realized additional time was necessary to reach continuous production levels,” Nicolas Sordet, CEO of AFYREN, said in a press statement. The company successfully produced and sold several dozen tons of biobased acids in the latter half of 2024, gaining positive feedback from clients in strategic markets such as Nutrition and Flavors & Fragrances.
The financing was coordinated by BNP Paribas and Banque Populaire Auvergne Rhône-Alpes. AFYREN said it has a “robust” cash position of approximately €33 million as of December 31, 2024.