Afyren announced on Wednesday evening that it had secured new financing of 10 million euros to fund its biorefinery project in the Grand-Est region of France.

The greentech company reports that it has secured a first tranche of six million euros from a banking syndicate comprising both its historical banks (BNP Paribas and Banque Populaire) and new partners (Société Générale, Caisse d'Epargne et de Prévoyance Rhône-Alpes and Crédit Lyonnais), to which will be added a second tranche of four million euros to be conditionally released at a later date.

These funds, which complete the securing of a nine-million euro New Industry Loan (NIL) concluded at the end of November 2024, should enable Afyren to strengthen the financial structure of its Saint Avold plant, christened 'Neoxy'.

Although the first acid sales materialized in the second half of 2024, Afyren believes that additional production campaigns are required, leading it to aim for continuous production by 2025, without giving any further details on the timetable.

On the Paris Bourse, the share price fell by 14% in the wake of this announcement.

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