AFYREN obtains new financing of 9 million euros to support the start-up of AFYREN NEOXY

28 November 2024

Press release

Clermont-Ferrand/Lyon, November 28h, 2024, 06:00 pm CET – AFYREN, a greentech company that offers manufacturers biobased, low-carbon ingredients produced using unique fermentation technology based on a completely circular model, announces today it has obtained a new loan “Prêt Nouvelle Industrie” from Bpifrance (French state investment bank) of 9 million euros for its AFYREN NEOXY affiliate, to support the start-up phase of this pioneering plant.

A new financing to support the start-up phase of AFYREN NEOXY

AFYREN is pleased to announce that it has obtained a new 9 million euros loan, to be paid in two instalments of 6 and 3 million euros respectively . This 15-year loan, including a 3-year grace period, was granted to AFYREN NEOXY and is part of a Bpifrance scheme developed within the “France 2030” investment framework which aims at financing the industrialization of innovative technologies.
This loan validates AFYREN’s innovative industrial approach and demonstrates the company’s ability to get access to financing in a complex environment. It is part of a broader financing plan currently being structured to further strengthen AFYREN’s financial position during the start of continuous production and the ramp-up period.

Nicolas SORDET, CEO of AFYREN, said: “This new non-dilutive financing is a very positive signal that shows the continued support of our financial partners. It comes at a time when we are making weekly progress on our remaining start-up stages, with a view to delivering the continuous production of commercial products for our customers.”

Update on acid production and sales

In its last progress report on 30 September 2024, AFYREN described the operational adjustments required to achieve continuous production.
To date, the replacement of the corrosion damaged piece of equipment has been successfully completed and additional production ramp-up campaigns are being launched to reach this objective.

In parallel with this work, AFYREN is maintaining its good commercial momentum: the commercial acid deliveries made in October have received positive feedback from customers on the quality of the products, which are now being invoiced.

AFYREN will provide a further update on its operational and financial progress in the coming weeks.