Avantium announces 2019 results: advances its lead technologies towards commercialisation
AMSTERDAM, 25 March 2020
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 today also publishes the 2019 Annual Report. You can find the 2019 Annual Report on the Avantium website https://www.avantium.com/investors/#annual-report
- In 2019, we conducted an analysis of our sustainability performance. We agreed on a pathway to achieving ambitious 2030 sustainability targets, which we laid out in our Sustainability Manifesto. The Sustainability Manifesto is also published on the Avantium website (https://www.avantium.com/in-society/).
Avantium is a leading technology development company and a forerunner in renewable chemistry. Avantium develops novel technologies based on renewable carbon sources as an alternative to fossil-based chemicals and plastics. The company currently has three technologies at pilot and demonstration phase. The most advanced technology is the YXY® plant-to-plastics–technology that catalytically converts plant-based sugars into a wide range of chemicals and plastics, such as PEF (polyethylene furanoate). Avantium has successfully demonstrated the YXY Technology at its pilot plant in Geleen, the Netherlands. The second technology is the Dawn Technology™ that converts non-food biomass into industrial sugars and lignin in order to transition the chemicals and materials industries to non-fossil resources. In 2018, Avantium opened the DAWN pilot biorefinery in Delfzijl, the Netherlands. The third technology is called Ray Technology™ and catalytically converts industrial sugars to plant-based MEG (mono-ethylene glycol). Avantium is scaling up its Ray Technology™ and the demonstration plant in Delfzijl, the Netherlands opened on November 7, 2019. Next to developing and commercializing renewable chemistry technologies, the company also provides advanced catalysis R&D services and systems to customers in the refinery and chemical industries. Avantium works in partnership with like-minded companies around the globe to create revolutionary renewable chemistry solutions from invention to commercial scale.
Avantium’s shares are listed on Euronext Amsterdam and Euronext Brussels (symbol: AVTX). Avantium is included in the Euronext Amsterdam SmallCap Index (AScX). Its offices and headquarters are in Amsterdam, the Netherlands.
For more information:
Caroline van Reedt Dortland, Director Communications, Avantium
+31-20-5860110 / +31-613400179,