Afyren Neoxy Gets €3.4 Million in After-Biochem Project
Greentech firm Afyren Neoxy, a subsidiary of Afyren, received a €3.4 million payment this week for achieving key milestones with its bio-based low-carbon products.
Afyren Neoxy’s €20 million grant from the Circular Bio-based Europe Joint Undertaking (CBE JU) saw its third installment recognized in the 2023 accounts. The After-Biochem project, led by a consortium of 12 partners including Afyren Neoxy, aims to create sustainable value chains from renewable, non-food raw materials. The project, which also focuses on downstream markets, received the third grant installment after meeting a set of achievements.
The After-Biochem project, backed by CBE JU, will persist with an emphasis on plant performance during the production phase. This includes life cycle and product performance analysis with end-user partners. Future developments, such as plant replication and new product projects, will also be evaluated.
With the recent payment, CBE JU’s total support for After-Biochem has reached €16 million in the last four years. 90% of this was directly invested in Afyren Neoxy, aiding all development phases of the plant. The factory’s initial total CAPEX is around €62 million. The French state investment bank BPI holds a 49% stake in Afyren Neoxy.
