In order to offer industrial firms a reliable alternative to using acids based on oil derivatives, AFYREN has confirmed the production of bio-based organic acids on a pre-industrial scale for use with multiple applications. Today, AFYREN is launching its industrial development phase after securing total financing of 60 million euros, including a 21 million euro capital increase.
AFYREN, which produces high-value bio-based building blocks to manufacture acids using fermentation technologies, has just completed a 21 million euro round of fundraising, led by Sofinnova Partners and Valquest Partners, bringing on board Supernova, Crédit Agricole Création and Crédit Agricole Centre France alongside its historical shareholders AFY Partners and Sofimac Régions (Sofimac and the Jérémie Innovation 1 and 2 funds). This capital increase is combined with a program to finance AFYREN’s first plant, for which design and development plans are already underway. In line with its established strategy, this 60 million euro financing package will enable AFYREN to take its industrial project forward through to full commercialization.
For Nicolas Sordet, AFYREN’s CEO: “This major financing plan is an outstanding recognition of the exceptional journey undertaken by our teams, who have gradually and successfully completed all the stages of our ambitious project. Today, we possess good pre-industrial phase technology that we have been working on for several years and that has enabled us to deliver test batches to our first customers. Our bio-based products are already generating strong interest among leading businesses, and we are moving into the industrialization phase with confidence and enthusiasm”.