AFYREN NEOXY Receives €3.4 Million Milestone Payment as Part of the AFTER-BIOCHEM Project

Regulatory News:

AFYREN (Paris:ALAFY), a greentech company that offers manufacturers natural, low-carbon products created with technology based on natural micro-organisms, announced today that AFYREN NEOXY received a €3.4 million payment in recognition of milestones the plant reached.

The payment, recognised in the 2023 accounts of AFYREN NEOXY, is the third instalment of a €20 million grant from the Circular Bio-based Europe Joint Undertaking (CBE JU¹), a public-private partnership of the European Union of the Framework Programme for Research and Innovation. This project known as AFTER-BIOCHEM, was granted in 2020 to a consortium of 12 partners led by AFYREN NEOXY. This consortium is working toward a common goal: creating sustainable value chains from renewable and non-food raw material and making bio-based chemical building blocks available at scale for industry. In addition to the production of acids, the project’s scope includes work on the downstream market, where the acids are used as building blocks for other products in markets including food and feed; flavors and fragrances; lubricants and technical fluids. The third grant instalment was approved after an independent panel of experts determined that the AFTER-BIOCHEM project had met a set of achievements.

The 12 European project partners   4 SMEs: AFYREN NEOXY, PNO, SPHERA, TERRIAL 7 large industries: CELANESE, SÜDZUCKER, FIRMENICH, SUEZ, KEMIN,TECHNIP ENERGIES, FIABILA 1 Cluster: BIOECONOMY FOR CHANGE

The AFTER-BIOCHEM project will continue, with the support of CBE JU. A particular focus will be put on plant performance during production phase, including life cycle analysis and product performance analysis with end-user partners. Further developments such as plant replication and new products projects will also be assessed.

With the latest payment, total support from CBE JU to AFTER-BIOCHEM reaches €16 million over the past four years, of which 90% was directly invested in AFYREN-NEOXY. These funds have contributed to all development phases of the plant: construction, commissioning and ramp-up. The factory represents an initial total CAPEX of around €62 million. The French state investment bank BPI has a 49% stake in AFYREN NEOXY.