France-based green technology company AFYREN has obtained a new €9m loan from French state investment bank Bpifrance for its AFYREN NEOXY affiliate.
The new 15-year loan, dubbed ‘Prêt Nouvelle Industrie’, comes with a three-year grace period, and will support the start-up phase of its AFYREN NEOXY plant.
AFYREN has obtained the new loan in two instalments of €6m and €3m, respectively.
The loan is part of a Bpifrance scheme within the “France 2030” investment framework to finance the industrialisation of advanced technologies.
AFYREN said the loan validates the French company’s advanced industrial approach.
It is part of a broader financing plan structured to further strengthen its financial position during the start of continuous production and the ramp-up period, said the company.
AFYREN CEO Nicolas Sordet said: “This new non-dilutive financing is a very positive signal that shows the continued support of our financial partners.
“It comes at a time when we are making weekly progress on our remaining start-up stages, with a view to delivering the continuous production of commercial products for our customers.”
AFYREN provides biobased, low-carbon ingredients produced using unique fermentation technology based on a completely circular model.
In its September 2024 report, the company described the operational adjustments required to achieve continuous production.
The company completed the replacement of corrosion-damaged equipment and launched additional production ramp-up campaigns to reach its objective.
Simultaneously, AFYREN’s commercial acid deliveries in October have received positive feedback from customers on the quality of the products.
Earlier this year, AFYREN signed a new multi-year contract with a US-based company specialising in nutraceutical ingredients and solutions.
Under the contract, the French company will provide its bio-based acids to the client, which provides ingredients for preservatives and flavours for nutritional supplement applications.
