Bird & Bird advises AFYREN on €23 million capital increase to expand biorefinery capacity

Bird & Bird advised AFYREN in a €23 million capital increase that was fully subscribed by Kemin Industries and Bpifrance (through its Large Venture fund). The transaction concerns a €23 million equity injection into AFYREN, a greentech company founded in 2012 that supplies bio-based and low-carbon products to industrial clients. AFYREN uses local biomass from non-food agricultural by-products and a proprietary, nature-inspired fermentation technology within a fully circular model to produce 100% bio-based, low-carbon carboxylic acids. Its solutions target decarbonisation needs across sectors including human and animal nutrition, flavours and fragrances, life sciences, materials science, and lubricants and technical fluids. The fundraising will enable an industrial investment of approximately €20 million in AFYREN NEOXY, the company's first biorefinery in the Grand-Est region, developed as a joint venture with Bpifrance's SPI fund. The investment will consolidate current operations and increase production capacity to about 20 kilotonnes—more than a 20% increase on the initially planned 16 kilotonnes—in order to meet rising commercial demand and improve the plant's financial profile. The partnership between AFYREN and Kemin Industries dates back to 2018; Kemin's financial contribution is intended to strengthen AFYREN's position as a leading European producer of bio-based molecules while accelerating research on new derivatives and supporting international development. Bird & Bird represented AFYREN with a team composed by: partner Olivier Peronnau and associate Céline Sol.

Bird & Bird advises AFYREN on €23 million capital increase to expand biorefinery capacity

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