Afyren, finance two other factories


AFYREN

Afyren, finance two other factories | Photo credits: Afyren

During the TP Icap Midcap conference, we met Nicolas Sordet, CEO and co-founder of the greentech Afyren, accompanied by the financial director, Maxime Cordonnier. The first plant for biosourced molecules was commissioned in March, after a six-month construction phase and an investment of 62 million euros. The objective is to reach 35 million euros in turnover within two years, at the start of 2024, with a gross operating surplus margin (Ebitda) of 25%. The breakeven point must be reached in the middle of the ramp-up phase, in 2023.

More than 60% of the production is already sold over a long period, ie 150 million in secure turnover. The next two factories will be in Asia and the United States. The second is scheduled for the end of 2024. The capital requirements for the three units had been raised during the IPO. The debt remains to be negotiated, ie two-thirds of the financing for plant 2. New capital requirements would appear only in the event of acceleration of the development plan or to develop new products, derived from the seven current molecules. Afyren competes with oil-based molecules from groups like BASF and Dupont, but these players could also become partners.


Jean-Luc Champetier, live from the TP Icap Midcap conference




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