AFYREN NEOXY, a subsidiary of the greentech company AFYREN, has received a €3.4 million milestone payment as part of the AFTER-BIOCHEM project. This payment comes from the Circular Bio-based Europe Joint Undertaking (CBE JU), a public-private partnership under the European Union’s Framework Programme for Research and Innovation. The AFTER-BIOCHEM project, which began in 2020, is led by a consortium of 12 partners, including AFYREN NEOXY, and aims to create sustainable value chains from renewable and non-food raw materials.
The €20 million grant from CBE JU supports the development of bio-based chemical building blocks that can be used at scale by the industry. The AFTER-BIOCHEM project not only focuses on the production of acids but also extends to the downstream market, where these acids are used as building blocks for various products in industries such as food and feed, flavors and fragrances, lubricants, and technical fluids.
The latest milestone payment brings the total support from CBE JU to AFTER-BIOCHEM to €16 million over the past four years, with 90% directly invested in AFYREN-NEOXY. These funds have contributed to all development phases of the plant, including construction, commissioning, and ramp-up. The French state investment bank BPI holds a 49% stake in AFYREN NEOXY.
AFYREN NEOXY is expected to commence continuous production of its biobased acids in 2024 and achieve financial breakeven in 2025. Nicolas Sordet, CEO of AFYREN, expressed gratitude for the CBE JU’s efforts in advancing the bio-based sector and acknowledged the support from both public and private investors.
