Avantium to receive EUR 36m from Coca-Cola, Danone, Alpla and Swire Pacific, seeks further investors, IPO possible
Avantium, the venture capital-backed Dutch renewable chemicals developer, will receive a EUR 36m investment from Coca-Cola, Danone, packing company Alpla and from Swire Pacific, a partner of Coca Cola in Asia, Dutch language daily het Financieele Dagblad wrote. CEO Tom van Aken said the company plans to prove with this new investment sum that Avantium's new bio-based plastics are suitable for large-scale industrial production.
Coca-Cola will decide this year if it will use the new plastics in its packaging. Avantium plans to construct a new plant requring investment of EUR 150m to EUR 200m. The CEO did not rule out the group taking on further investment from a large private equity or a chemical party. An IPO is also a serious option, he said.
As reported, in 2011, Avantium raised EUR 25m in a round led by new investors Sofinnova Partners, Aster Capital and De Hoge Dennen. Existing investors Aescap Venture, Capricorn Cleantech Fund, ING Corporate Investments and Navitas Capital, also subscribed. In addition, the round saw Avantium secure a EUR 5m subsidy from the Dutch Ministry of Economic Affairs.
Source Het Financieele Dagblad {http://www.avantium.com/avantium/financing.html}
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