AFYREN announces the industrial commissioning of its AFYREN NEOXY plant and publishes its 2021 Full-Year Results

Finalization of the construction of the AFYREN NEOXY plant at cost and on time despite the health crisis context
Industrial commissioning of the plant with the launch of the test phase
Strong cash position of €67 million at the end of 2021 following the success of the IPO
Execution of the strategy in line with the plan presented at the IPO and confirmation of the financial outlook and objectives

Nicolas SORDET, AFYREN’s CEO, stated: “2021 was a transforming year for AFYREN, culminating in the IPO in September. The year 2022 also promises to be full of challenges and we are pleased to have met the first one with the launch of the industrial commissioning of our AFYREN NEOXY plant on the Carling Saint-Avold site, in accordance with the announced schedule and at cost. We now have the financial resources and a first industrial tool to accelerate the achievement of our Purpose, “We enable low-carbon, circular industry by providing biobased solutions built with our partners to benefit the environment”.”

Industrial commissioning of AFYREN NEOXY plant

In the second half of 2020, AFYREN launched the construction of AFYREN NEOXY, its first large-scale plant, located in Carling-Saint Avold, in the Grand Est region. AFYREN NEOXY is the first industrial-scale plant for the production of biobased carboxylic acids from sugar beet co-products.
Today, the construction phase for this plant is nearing completion: all the equipment has been delivered and the acceptance and start-up process is underway in accordance with the planned schedule. These tests will be spread out over several weeks for a gradual commissioning of the different equipment, a test phase that will prepare the launch of production.

Jean SAINT-DONAT, President of AFYREN NEOXY, adds: “The industrial commissioning of the AFYREN NEOXY plant is a key step in the history of AFYREN. We are ready to start and deliver the first batches of biobased acids developed with AFYREN technology this year. We are facing this transition to industrial scale with serenity alongside the fifty or so new employees already recruited and trained, and we are confirming our deep commitment to the environment by promoting short supply and sales channels thanks to our strategic geolocation in the heart of Europe.”

2021 key financial elements

Sales in 2021 amount to €3.04 million, against €3.99 million in 2020. The sales are essentially composed of income from the various contracts concluded with AFYREN NEOXY (patent and know-how licenses, services related to the obtaining of the BBI grant1 by AFYREN NEOXY, commercial and administrative assistance services).
As expected, the Company recorded a net loss in 2021, amounting to €3.61 million (compared to €2.13 million in 2020), as a consequence of the acceleration of investments prior to the operation of the industrial units.

Purpose and extra-financial rating significantly improved

Following several months of reflection and consultation with its internal and external stakeholders, AFYREN and its board of directors define and formalize its Purpose in early 2022: “We enable low-carbon, circular industry by providing biobased solutions built with our partners to benefit the environment.”

Full Press release:

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