AFYREN signs new contract to provide biobased organic acid to U.S. manufacturer of industrial lubricants
17 November 2022 - 5:45PM
Business Wire
- The multi-year deal will help the customer cut Scope 3
emissions and make progress on its climate neutrality
goals
- AFYREN offers a biobased alternative to the traditionally
used petroleum-based molecules, acting on the value chain of the
companies and offering them a highly improved carbon
balance
- AFYREN has now pre-sold 75% of its AFYREN NEOXY factory's
targeted production volume of organic acids
Regulatory News:
AFYREN (Paris:ALAFY), a greentech company that
offers manufacturers bio-based, low-carbon products made using
technology based on natural micro-organisms, today announced that
it had signed a new multi-year contract to provide biobased organic
acid to a U.S. maker of synthetic lubricants.
The customer is an active producer of Polyol Esters, which are
used in the formulation of synthetic lubricants. Carboxylic acids
are a major component of Polyol Esters, and AFYREN's acids have a
carbon footprint that is five times lower than those made from
petroleum derivatives.1
As the effects of climate change become alarmingly apparent,
companies are under pressure from consumers and regulators to
reduce their greenhouse gas emissions.
AFYREN's latest customer said that focusing on Scope 1 and 2
emissions (those for which it is directly responsible and has
control over) would not be sufficient to reach its climate
neutrality goals. By sourcing biobased carboxylic acid through
AFYREN, the company will improve its Scope 3 emissions, which are
also known as value chain emissions. Scope 3 emissions often
represent the majority of an organization's total greenhouse gas
emissions, according to the U.S. Environmental Protection
Agency.
AFYREN’s biobased acids are used as a drop-in replacement for
the conventional petro-based acids. This allows its customers to
use the same manufacturing process, maintaining product
performance, while reducing the carbon footprint of its
products.
All AFYREN customers benefit from a reliable supply chain based
on sustainable, renewable resources that do not compete with the
human food chain. AFYREN's unique value proposition allows its
clients to position themselves as sustainable players in their
sectors, less dependent on fossil-based ingredients — a status that
can bring with it clear economic advantages.
AFYREN has contracts signed for its products in all six of its
priority markets: food, feed, flavors & fragrances, lubricants,
life sciences and material sciences. AFYREN is proud to contribute
to the transition toward sustainable ingredients in all of these
industries.
AFYREN has now pre-sold more than 75% of its AFYREN NEOXY
factory's targeted production volume of organic acids, underscoring
the interest and confidence manufacturers of all kinds have in
AFYREN's industrial development. This agreement with an American
player confirms the very strong global demand for bio-based
solutions and confirms the validity of AFYREN's strategy to develop
internationally in order to better serve its customers in their
markets.
About AFYREN
Founded in 2012 to meet the growing need of industries to reduce
the use of petroleum derivatives in their production chain, AFYREN
produces biomolecules derived from the reuse of non-food biomass.
These ingredients are widely used in human and animal nutrition,
flavors and fragrances, cosmetics, and fine chemicals. This
production process replicates the exact properties of equivalent
petro-sourced molecules, largely used in the human and animal
nutrition, cosmetics, flavors and fragrances and fine chemicals
sectors.
By offering natural alternatives to these strategic markets,
AFYREN is engaged in a low-carbon economy and proposes a truly
circular approach with the use of local biomass and the choice of a
strategic location, as close as possible to its customers.
Resulting from 10 years of research, AFYREN's disruptive
innovation won the 2030 Global Innovation Contest in the "Plant
proteins and plant chemistry" category and was selected in the
French Tech 120 in 2020 and 2021. In 2018, AFYREN committed to its
industrial project by creating the AFYREN NEOXY joint venture with
Bpifrance’s SPI fund. AFYREN NEOXY is dedicated to the first
industrial production of AFYREN natural organic acids in the Grand
Est region.
In 2022, the AFYREN NEOXY factory opened its doors. AFYREN and
AFYREN NEOXY now employ nearly 100 people at their sites in Lyon,
Clermont-Ferrand and Carling Saint-Avold.
In 2021, AFYREN listed on Euronext Growth® exchange in Paris,
raising a total amount of 70.4 million euros with the objective of
accelerating its industrial development (ISIN code: FR0014005AC9,
ticker: ALAFY).
For more information: afyren.com
1 Data obtained by Life Cycle Assessment based on pre-industrial
data according to the ISO 14040 /14044 standard. This LCA will be
updated soon with real industrial data and the latest
methodological criteria required by the market
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221116005647/en/
AFYREN
Communication Caroline Petigny contact@afyren.com
Investor Relations Mark Reinhard
invest@afyren.com
NewCap
Investor Relations Théo Martin / Mathilde Bohin
Tel: +33 1 44 71 94 94 afyren@newcap.eu
Bogert-Magnier Communications
Press relations James Connell Tel: +33 6 2152 1755
jim@bogert-magnier.com
Afyren (EU:ALAFY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Afyren (EU:ALAFY)
Historical Stock Chart
From Apr 2023 to Apr 2024