BASF communicated in October 2018 that they intended to leave the joint venture Synvina. The reason: some conditions to fulfil their investment were not met (Will BASF leave the Synvina Joint Venture?)
Avantium disagrees with BASF’s interpretation of the joint venture agreement and are discussing the terms and conditions of an exit. Avantium will acquire BASF’s shares in Synvina and continue business alone.
Synvina is a joint venture between Avantium and BASF formed in 2016 to convert plant based sugar into furandicarboxylic acid (FDCA to produce PEF. The Synvina plant was meant to be built in Antwerpen but the project was delayed by 2 or 3 years. Plant-based PEF was supposed to replace petrol-based PET.
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Tom van Aken, Chief Executive Officer of Avantium said
“We remain fully confident in our YXY technology and the unique properties of PEF, confirmed by high market interest and existing Synvina partnerships. We look forward to building on the work undertaken within Synvina and being free to pursue further options to reach the full potential of PEF”.