Avantium
PEF
BASF will exit its Synvina joint venture with Avantium after disputes over the interpretation of the future of the agreement.
In a statement on 15 October it was announced that thepartners disagree on the timing for the fulfilment of the criteria to invest in the commercial-scale plant for FDCA (furandicarboxylic acid).
BASF will therefore leave the venture on 15 January 2019. Upon its exit, Avantium will acquire BASF's equity interest in the joint venture and Synvina will continue its operations as a fully Avantium-owned company.
Synvina was formed in 2016 to commercialise the YXY technology developed by Avantium.
The YXY technology catalytically converts plant-based sugar into FDCA and plastics, such as the new polymer polyethylenefuranoate (PEF).
The intent of the parties was to build the first commercial-scale plant for FDCA, the main building block for PEF, in Antwerp, Belgium.
Following BASF’s departure, the YXY technology, know-how and employees will revert to Avantium. This, says Avantium, will allow it to pursue alternative routes for commercialising the technology.
“We remain fully confident in our YXY technology and the unique properties of PEF, confirmed by high market interest and existing Synvina partnerships. We look forward to building on the work undertaken within Synvina and being free to pursue further options to reach the full potential of PEF," said Tom van Aken, Chief Executive Officer of Avantium.