The agreement is said to form another cornerstone of Avantium's commercialisation strategy to further co-develop the YXY technology for producing PEF bottles.
Our YXY solution for the packaging industry creates a new bio-sourced material delivering superior functional properties versus conventional PET technology (for example light weighting potential, barrier and thermal properties).
To run the pilot plant and to further accelerate the commercialization of YXY
, Avantium says, it is raising additional private funding.
The YXY technology platform is a cost competitive ground-breaking catalytic technology to convert plant based materials into chemical building blocks for bioplastics, like PEF (polyethylene furanoate).
The company develops and commercializes YXY - the brand name for its technology platform to catalytically convert plant based carbohydrates into chemical building blocks like Furanics and Levulinics.
His experience and insights in bringing biobased chemicals to the market, will be very valuable for Avantium to commercialize its YXY technology for the production and use of FDCA and PEF.
It developed the breakthrough YXY technology, a proprietary process to convert carbohydrates into the green building blocks FDCA for making biobased plastics and biobased chemicals at cost competitive prices in large markets.
In the longer term Avantium will license its YXY
technology to enable large scale, world-wide production and use of its bio-sourced plastic materials.
Avantium is building a pilot plant to demonstrate its YXY technology which enables the cost effective production of Furanics building blocks for green materials and fuels.
Tom van Aken, Chief Executive Officer of Avantium, said: "We are privileged to welcome Sofinnova, Aster and De Hoge Dennen as new investors as we look to scale and commercialize our YXY technology.
Furthermore, it will produce several tons of YXY
building blocks per year to support product development.
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