Key business progress during 2019
Avantium Renewable Polymers made good progress with the implementation of its revised commercialisation strategy, including preparations for the planned construction of a 5 kilotonnes FDCA flagship plant, currently planned to start-up in 2023:
- Avantium chose Chemie Park Delfzijl in the Netherlands as the location for its flagship plant
- The first important financing milestones to support the construction of the flagship plant were reached with a €25 million PEFerence grant and €30 million financing package from a regional consortium
Avantium Renewable Chemistries continued to show promise:
- Avantium secured more than €9 million in European Union and regional grants to support further developments of its Ray Technology™ and Dawn Technology™
- In November 2019, Avantium opened a Ray Technology demonstration plant for plant-based mono-ethylene glycol (MEG) with a production capacity of 10 tonnes MEG per annum in Chemie Park Delfzijl
Avantium Catalysis recorded strong revenue growth of 15%
Key financial developments during 2019
Consolidated revenues from operations increased by 22% to €13.8 million (FY 2018: €11.3 million), mainly driven by increased systems sales by Avantium Catalysis
Reported net loss for 2019 amounted to €23.5 million (FY 2018: €68.4 million)
Cash at 31 December 2019 was €45.4 million (31 December 2018: €83.3 million). The 2019 cash outflow resulted primarily from investments in our technology programs and from a one-off payment of €17.4 million to regain full ownership of Avantium Renewable Polymers (formerly known as Synvina)
Tom van Aken, CEO of Avantium said: “2019 was a pivotal year for Avantium, in which we continued to focus on our commitment to becoming a leader in renewable chemistry. By regaining full ownership of Avantium Renewable Polymers, we now have control over the scale-up and market-launch strategy for our YXY Technology® to produce FDCA and PEF. We continue to make encouraging progress on the execution of our business strategies.”
Avantium also publishes the 2019 Annual Report. You can download it here:
REFS
Avantium Full Year Results 2019 Press Release Publication Full Year Results 2019
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