(News Bulletin 247) – Afyren rose on the stock market on Thursday after reporting “significant” progress in the production of its plant located in the Grand Est region, as well as in the delivery of the first batches of bio-based organic acids.
The ‘greentech’ indicates that the operations carried out for several weeks on the Carling-Saint Avold site have already made it possible to produce several tonnes of products.
It is the first plant in the world to produce biobased carboxylic acids on an industrial scale from sugar beet co-products.
The company plans to start continuous production in the fall of 2023, before a gradual ramp-up of volumes with a view to producing 16,000 tonnes of carboxylic acids per year at full capacity.
As a reminder, Afyren has commercial commitments for 75% of annual production for acids and 100% for fertilizers.
These contracts represent total cumulative revenue of more than 165 million euros, to be recognized over the coming years.
Afyren specifies that with a target current production EBITDA margin of 25% for the plant, the site called ‘Afuren Neoxy’ should reach its breakeven point (positive production current EBITDA margin) by the end 2023.
Following these announcements, Afyren shares climbed more than 4% on the Paris Stock Exchange after rising up to 8% in the early morning.
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