Avantium Announces Its First Half 2023 Results

Key Business Progress in the First Half of 2023:

  • Construction of Avantium's FDCA Flagship Plant remains on track, with commissioning activities expected to commence in the first quarter of 2024 and FDCA production in the second half of 2024.
  • Avantium has made further progress in the development of the Ray plantMEG™ and Ray plantMPG™ technology and secured a conditional grant award of €53 million from the National Growth Fund, an instrumental step for the funding of the construction of a Flagship Plant in the Netherlands.
  • Avantium's Volta Technology, a carbon capture and utilisation platform, is advancing towards a stage gate decision on the construction of a pilot plant, further supported by the previously announced collaboration with SCGC.
  • Avantium has signed a collaboration agreement with Norsk Hydro for further development of Avantium’s Volta electrochemistry technology platform to develop innovative and sustainable solutions for Norsk Hydro.
  • Avantium R&D Solutions is successfully executing its strategy for R&D solutions for sustainable chemistry, securing additional orders and a strong revenue backlog for 2023.

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."