BASF yesterday notified Avantium of its exit from their Synvina joint venture, effective 15 January 2019. Avantium continues to disagree with BASF’s interpretation of the joint venture agreement. The two companies are still discussing the terms and conditions of an exit.
“Avantium is a big story in the bioeconomy, but the relationships with big companies as investors are not easy”. To say it at the Sustainable & Circular Bioeconomy Conference in Brussels on October 22 was Jos Peeters, managing partner, founder and director of Capricorn Venture. Indeed, Avantium and BASF are in a dispute about the future of their Synvina joint venture. The companies disagree on the timing for the fulfilment of the criteria to invest in the commercial-scale plant for FDCA (furandicarboxylic acid).
Synvina, the joint venture between Avantium and BASF, plans to extend the pilot phase in order to optimize future commercial-scale production. The company headquartered in Amsterdam has now completed a broad feasibility assessment for commercial-scale production of FDCA (furandicarboxylic acid) in its Reference Plant intended to be built in Antwerp. FDCA is the main building block for the new polymer PEF (polyethylenefuranoate). The assessment looked at product performance, market appetite and technical process.
The bioplastics industry moves another step forward: the European PET Bottle Platform (EPBP) – a voluntary initiative of industry organizations representing waste collectors, plastic recyclers, PET material producers and brand owners – has given interim approval for the recyclability of polyethylenefuranoate (PEF), produced by Synvina, the Joint Venture between Avantium and Basf, in the European bottle recycling market.