Innovative sugar beet processor Cosun Beet Company, part of Royal Cosun, and Avantium N.V., a leading technology company in renewable chemistry, will jointly construct and operate the first commercial plant for the production of plant-based glycols using Avantium’s Ray TechnologyTM. To this end, Cosun Beet Company and Avantium entered into a Term Sheet to establish a joint venture in which Cosun Beet Company will take a substantial share.
Cosun Beet Company and Avantium plan to form the joint venture in 2021 with the aim to make an investment decision for the foreseen commercial plant in the first half of 2023 and commercial operations commencing in 2025. The joint venture is envisioned to be a world class producer of plant-based glycols to actively contribute to a fossil-free future.
Albert Markusse, CEO Royal Cosun commented: “This innovative partnership between Cosun Beet Company and Avantium with the aim to turn the potential of plants into practical solutions for societal challenges, is at the heart of the Cosun vision. Together with our growers, we are well positioned to produce plant based solutions for a better future.”
“The contemplated joint venture with Cosun Beet Company – Avantium CEO Tom van Aken added – is a major development in the commercialisation of our breakthrough Ray TechnologyTM. We aim to create value for all our stakeholders by bringing this game-changing technology to produce plant-based glycols to market along with our FDCA and PEF products. With Cosun Beet Company, we plan to construct the world’s first RAY sugars-to-glycols plant and enable the commercial launch of plant-based glycols in broad applications to help fulfill Avantium’s vision for a fossil-free world. Our partnership with Cosun Beet Company combines our complementary competencies and shared ambition to create solutions for a sustainable future.”