In Amsterdam, renewable polymer producer Avantium has secured a €10-million financing to address its short-term liquidity needs.
The transaction includes access to the second tranche of €4 million under the €9.9-million subordinated loan from the Province of Groningen, as well as a €6-million drawdown from the €20.1 million increase of the senior debt financing facilities provided by lenders Invest-NL, ABN AMRO, ING, ASN, and Rabobank.
The financing provides Avantium with short-term liquidity, enabling the company to continue pursuing medium- and long-term funding options. The company is actively exploring various funding options, including equity, debt and government funding.
Avantium has also implemented “strict” cost controls while exploring further funding opportunities. These include the potential partial or whole sale of its R&D Solutions business unit and the Volta Technology platform so the company can focus on its furan-2,5-dicarboxylic acid and polyethylene furanoate technology.