Milestones achieved in Renewable Chemistries. Double-digit growth in Catalysis.
AMSTERDAM, 31 July 2018 – Avantium N.V. (Euronext Amsterdam and Brussels: AVTX), a leading technology development company and forerunner in renewable chemistry, today reports 12% growth in revenues in the first half of 2018, as strong demand for its Catalysis offerings continues. Milestones were achieved in Avantium’s key Renewable Chemistries programs, Dawn Technology™ (Zambezi) and Mekong.
Overview first-half 2018:
- Zambezi program rebranded to Dawn Technology™. Pilot biorefinery opened on schedule with a subsidy of €1.8 million from the Province of Groningen.
- Consortium agreement signed bringing together partners committed to developing a commercial scale Dawn Technology™ biorefinery in Delfzijl, the Netherlands.
- Construction started of Mekong bio-monoethylene glycol demonstration plant.
- Mekong demonstration plant awarded €2.5 million grant by the European Innovation Council under the Horizon 2020 SME instrument.
- Consolidated revenues up 12% to € 6.4 million. Catalysis: revenues up 11%.
- Net results improved to € -6.5 million in the first half of 2018 (H1 2017: € -9.1 million).
- Since Avantium in January 2018 announced a delay of 24-36 months to start-up the reference plant of Synvina, Avantium/BASF renewable plastics joint venture, pre-engineering studies of the intended FDCA reference plant have been initiated and discussions between Synvina and potential customers are progressing; €25 million EU-BBI grant remains in place.
- Full year focus: successfully operate the Dawn Technology™ biorefinery; construct the Mekong demonstration plant; continue growth in Catalysis; and continued focus on providing full support to Synvina in executing its strategy.