Avantium N.V. (Euronext Amsterdam and Brussels: AVTX), a leading technology company in renewable chemistry, today reports
its 2021 full-year results.
Key Business Progress in 2021
• Avantium Renewable Polymers announced a positive Final Investment Decision (FID) for the construction of the FDCA (furandicarboxylic acid) Flagship Plant, which was confirmed by
shareholders at an Extraordinary General Meeting (EGM) on 25 January 2022:
◦ Financial Close is expected by April 2022;
• Avantium Renewable Chemistries recorded a number of promising developments in 2021, including: a signed partnership with the Cosun Beet Company for Ray Technology™; the construction of a bioasphalt test road using lignin from Dawn Technology™ and; the successful pre-pilot testing of Volta Technology at partners’ sites in Europe;
• Despite ongoing travel restrictions and customers’ site closures caused by the COVID-19 pandemic, Avantium Catalysis saw the start of a recovery in its Systems business (revenues: €6.8 million); the Services business was at the same revenue level as in 2020 (revenues: €3.2 million).
Key Financial Developments in 2021
Total revenues increased by 11% to €10.9 million (FY 2020: €9.9 million), while income from government grants decreased by 20% to €6.7 million (FY 2020: €8.4 million), mainly due to income milestones from two major grant programmes in the Renewable Chemistries business segment being fully recognised in 2020;
· Net operating expenses were €33.7 million in 2021 (FY 2020: €33.2 million);
· Cash at 31 December 2021 was €34.9 million (31 December 2020: €26.6 million):
• The increase in the cash position was due to the successful capital raise in April 2021, raising €27.8 million (gross proceeds) through an accelerated bookbuild;
• Net cash outflow (excluding the capital raise) in 2021 was €18.1 million (2020: €18.8 million);
· The loss for the period was €24.4 million (FY 2020: €22.8 million).
Tom van Aken, Chief Executive Officer of Avantium, comments: “2021 was a landmark year for Avantium, with the positive Final Investment Decision (FID) for the construction of our FDCA Flagship Plant announced in December 2021. This means that we will be able to start introducing our plant-based, recyclable and high-performance polymer PEF (polyethylene furanoate) to the market and start exploiting its massive market potential, as well as allowing us to sell technology licences to industrial collaborators. We have made great commercial progress across our businesses, and have expanded our partnerships, demonstrating the validity and value of our technologies. While global circumstances continue to pose uncertainties, we look to the future with optimism as we continue to advance and commercialise our sustainable technologies.”
- Avantium today also publishes the 2021 Annual Report. You can find the 2021 Annual Report on the Avantium website: https://www.avantium.com/divi_overlay/annual-report-2021/
- Avantium today also publishes the 2021 Remuneration Report. You can find the 20201 Remuneration Report on the Avantium website: https://www.avantium.com/corporate-governance/#remuneration
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 FDCA (furandicarboxylic acid), the key building block for the sustainable plastic PEF (polyethylene furanoate).
Avantium has successfully demonstrated the YXY® Technology at its pilot plant in Geleen, the Netherlands, and will start construction of the world’s first commercial plant for large-scale production of PEF in 2022.
The second technology is Ray Technology™ and catalytically converts industrial sugars to plant-based MEG (mono-ethylene glycol): plantMEG™. Avantium is scaling up its Ray Technology™ and the demonstration plant in Delfzijl, the Netherlands opened in November 2019.
The third technology is called 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 Technology™ pilot biorefinery in Delfzijl, the Netherlands. Next to developing and commercialising 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). Its offices and headquarters are in Amsterdam, the Netherlands.
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