Tom van Aken, Chief Executive Officer of Avantium: "In the first half of 2023, Avantium made strong progress with all our technologies. We are pleased that the construction of our FDCA Flagship Plant has progressed in line with the key objective to start FDCA production in 2024. We remain on track to start commissioning activities of our FDCA Flagship Plant in the first quarter of 2024. Our plantMEG technology is progressing towards the next phase of scaling-up to a Flagship Plant, for which we secured a conditional grant award of €53 million from the Dutch National Growth Fund. Our Volta technology has shown significant progress towards the stage gate decision to construct a pilot plant to scale-up production of the monomer glycolic acid and CO2-based polymer PLGA, underpinned by collaborations with global industry leaders SCGC and Norsk Hydro. We continue to see robust demand as well as increasing regulatory support for our sustainable, next-generation materials and technologies."
Outlook
Avantium continues to explore additional funding options to ensure that the Company remains sufficiently funded to execute on its strategy.
For Avantium Renewable Polymers, commissioning of the FDCA Flagship Plant is expected to commence in the first quarter of 2024, and production to start in the second half of 2024. We expect to complete the drawdown of the final €15 million from the Debt Facility Agreement for the FDCA Flagship Plant in Q3 2023.
The signing of the first technology license agreement with Origin Materials has helped accelerate discussions with other industrial partners to explore additional licensing opportunities for the future large-scale production of FDCA and PEF. Avantium Renewable Polymers continues to see strong demand for FDCA and PEF in various applications and continues to pursue additional offtake agreements for the FDCA Flagship Plant and capacity reservations to support licensees.
Avantium Renewable Chemistries intends to enter the Process Design Package (PDP) stage for the Ray Flagship Plant in the second half of 2023. We continue to focus on strategic opportunities for our plantMEG technology.
In the second half of 2023, Avantium R&D Solutions aims to deliver significant top-line growth compared to the first half of 2023, based on a strong order book and project pipeline.
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