Tokyo, December 10, 2015 /PRNewswire/ --
Avantium signed an agreement with Mitsui & Co., Ltd. ('Mitsui'), to commercialize 100% biobased chemicals FDCA and PEF in Asia. As part of this agreement, Mitsui has been granted a right to purchase a sizable volume of FDCA from the first commercial FDCA plant to be constructed by Avantium.
Currently Avantium is in the preparation stage of the construction of the first FDCA production plant and plans to share further details on the capacity, location and time lines for the construction in Q1 2016. Demonstrating the potential for PEF and FDCA in the Asian market, Avantium has reserved a significant portion of the capacity from this first FDCA plant for Mitsui.
Avantium and Mitsui have entered into a development and roll out agreement for PEF thin films in Asia and PEF bottles in Japan. Given its barrier performance, Avantium research demonstrates PEF can bring significant benefits as packaging material for oxygen sensitive goods such as food, beer and health care products. The parties are also partnering to launch and grow the market for other FDCA- based applications such as co-polyesters.
Tom van Aken, CEO Avantium, commented: "This partnership with Mitsui is a unique opportunity for Avantium to unlock the growth opportunities in the Asian market, one of the fastest growing markets for packaging materials. This collaboration expands our PEF developments beyond bottles, as supported by The Coca-Cola Company, Danone and ALPLA, into the new application of thin PEF films. Particularly Japan is a very attractive market for a high performance material like PEF. The Japanese packaging industry is highly innovative, resulting in a large variety of packaging formats to meet the high quality standards demanded by local consumers. It is our ambition to support Mitsui and their Japanese partners and customers to launch PEF and other FDCA-based applications to the market well in time for the Tokyo Olympics."
For Mitsui, the collaboration with Avantium is an extension of its strong bio-based chemicals portfolio. Mr. Hidebumi Kasuga, General Manager of Specialty Chemicals Division II, Basic Chemicals Business Unit, commented: "Mitsui believes FDCA and PEF are bio-based building blocks with a high market potential. We are happy to strengthen our position in this field by collaborating with Avantium, who is the leader in FDCA and PEF production technology. This partnership fits well with Mitsui's strategy in pursuit of future bio-refinery structures, combining our strength in feedstock, project management, chemicals, and end markets."