CHELMSFORD, Mass.--(BUSINESS WIRE)--FRX Polymers Inc. (“FRX” or the “Company”) announced today that it has closed its Series C-2 financing for $8 million. The round of financing was led by the Flemish investment company, PMV. Joining PMV are FRX’s current shareholders, Evonik Venture Capital, DB Masdar Cleantech Fund, BASF Venture Capital, and several others. This financing adds to the $12 million Series C-1 financing that the Company completed on December 24, 2013 and brings the total Series C financing to $20MM. The financing coincides with the opening of FRX’s first industrial scale Green flame retardant polymer plant in Antwerp Belgium. The financial resources will be used to fund the company’s sales ramp of its new-to-the-world plant.
FRX is the manufacturer and marketer of a new, environmentally friendly family of inherently flame retardant plastics and oligomers, trade named Nofia®. Currently in the high growth phase of commercializing its unique family of polyphosphonate homopolymers, copolymers, and oligomers, FRX produces plastics that are tough, transparent, and possess high melt flow. FRX’s products are being sold in consumer electronics, building and construction, and transportation markets, as polymeric flame retardant additives, flame retardant engineering plastics, and as reactive flame retardant additives for thermosetting resins.
FRX’s portfolio includes an extensive and growing patent estate. To date, the company has 49 granted patents and 104 patent applications. FRX was the 2008 and 2013 recipient of Frost and Sullivan’s “Innovation of the Year” award for flame retardant materials. FRX was featured on CNN Money in 2012 and in 2013 was named to Global Cleantech’s list of top 100 companies and Going Green’s global top 200 list of companies. In addition, the company won the Flanders Investment of the Year Award in 2013 and the US Environmental Protection Agency’s (EPA) Environmental Merit Award in 2014.
Roald Borré, Co-Head of Venture Capital & Manager PMV-TINA stated, “We are thrilled to have the opportunity to invest in FRX. We join a strong investor group supporting this emerging growth company with its innovative and environmentally friendly products and its new manufacturing plant in the Port of Antwerp. We are impressed with the progress that FRX has made to date and believe that the Company is poised for significant growth in the field of flame retardant plastics.”
Dr. Jos Peeters, Managing Partner of Capricorn Venture Partner and FRX’s largest shareholder stated: “We are very pleased to have such a respected and value added investor from Flanders joining and helping to support our very exciting company.
Marc Lebel, President and CEO of FRX Polymers stated. “We are delighted to have completed our Series C financing and to welcome PMV to our Company. The benefits of locating our manufacturing plant in Flanders have been further enhanced with the addition of such an important and respected Flemish-based investor to our investor group. The funds raised will be used to benefit our customer’s ramp up in the use of Nofia® products in their formulations. We would also like to thank all of our investors who participated in the company’s Series C for their continued strong commitment and encouragement.”
About FRX Polymers
FRX Polymers, Inc. was founded in 2007 following over five years of intensive research and development in the field of inherently flame retardant plastics. The company operates two pilot plants in Chelmsford MA, and through its subsidiary, FRX Polymers (Europe) NV a full scale plant in Antwerp Belgium. FRX is in the growth phase of its evolution and is commercializing a novel family of non-halogen, transparent, high melt flowing, fire resistant plastics. FRX Polymers is headquartered in Chelmsford MA. For more information about its products, visit their website at www.frxpolymers.com.
PMV NV is an independent investment company. It invests in the economic fabric of Flanders. In so doing, the company acts as entrepreneur and market producer. It also provides financial levers if the market needs support and the necessary private initiatives are not forthcoming. PMV collaborates with private partners via funds and public-private partnerships. Particular emphasis is placed on sustainable energy, biotech, cleantech, life sciences and infrastructure for the future. PMV manages a portfolio of EUR 900 million in assets. PMV also undertakes commissions on behalf of the Flemish Region. For more information visit their website at www.pmv.eu.
About Evonik Venture Capital
Evonik Venture Capital, the venture capital group of Evonik Industries AG plans to invest a total of €100 million in highly promising start-ups with break-through technologies and leading specialist venture capital funds. These investments will focus on Europe, the U.S. and Asia. Partnering with innovative start-up companies supplements Evonik’s approach of open innovation and creates excellent opportunities for accelerating the development of new businesses and opening up future growth fields. For more information visit their website at www.evonik.com/venturing.
About Capricorn Venture Partners
Capricorn Venture Partners is a pan-European manager of venture capital funds seeking to invest in technology-based growth companies. Capricorn is investing out of its Capricorn Cleantech Fund, it’s Capricorn Health-tech Fund and is managing Quest for Growth, a cross-over fund quoted on EuroNext Brussels and advising the Luxembourg based Quest Cleantech Sicav. The Capricorn Cleantech Fund invests in European growth companies developing innovative breakthrough technologies in the fields of renewable energy and energy efficiency, water purification and re-use, bio-based material conversion and bio-refinery platforms, clean air, climate change, green chemistry and advanced materials, materials recovery and recycling. The investment team of Capricorn is composed of experienced investment managers with deep technology expertise and a broad industrial experience. The Capricorn Cleantech Fund benefits from an investment by the European Investment Fund through the "Competitiveness and Innovation Framework Program" of the European Union. For more information visit their website at www.capricorn.be.
About DB Masdar Clean Tech Fund, L.P.
DB Masdar Clean Tech Fund, L.P. is co-managed by Masdar Capital, the private equity and venture capital arm of the Abu Dhabi based Masdar Initiative, and DB Climate Change Advisors, a unit of Deutsche Bank’s Asset Management division. The DB Masdar Clean Tech Fund seeks to build a diversified private equity portfolio that includes some of the world's most promising and pioneering clean tech and renewable energy companies. For more information, please visit www.masdar.ae and www.db.com.
About Israel Cleantech Ventures
Established in 2006, Israel Cleantech Ventures (ICV) is the largest venture capital firm dedicated to providing value added growth capital to exceptional entrepreneurs building Israel's leading energy, water and environmental companies. The firm has over $130M under management to date in two funds and has completed 17 investments across diverse cleantech sectors, including clean materials, waste water treatment, alternative energy generation, energy storage & efficiency, green building, smart grid and in technologies that enable existing industries to work in a more efficient and environmentally friendly manner. ICV funds are backed by leading institutional investors and notable family offices in Europe, the US and Israel. For more information please visit www.israelcleantech.com.
About RobecoSam Private Equity
RobecoSAM is an investment specialist focused exclusively on Sustainability Investing. Its offerings comprise asset management, indices, private equity, engagement, impact analysis and sustainability assessments as well as benchmarking services. Together with S&P Dow Jones Indices, RobecoSAM publishes the globally recognized Dow Jones Sustainability Indices (DJSI). RobecoSAM was founded in 1995 out of the conviction that a commitment to corporate sustainability enhances a company’s capacity to prosper, ultimately creating competitive advantages and stakeholder value. Headquartered in Zurich, RobecoSAM employs over 100 professionals. As of June 30, 2013, RobecoSAM’s assets under management, advice and license amounted to a total of USD 8.8 billion. For more information, please visit www.robecosam.com.
About BASF Venture Capital
BASF Venture Capital is the corporate venture capital company of BASF Group. BASF invests globally in promising start-up companies and funds. BASF’s investments focus on innovative technologies with a high growth potential where chemistry plays an important role, as well as new materials and substances with significant market opportunities. BASF Venture Capital's team is set-apart by a unique combination of technical, scientific and financial expertise. BASF’s portfolio includes exceptional start-up companies, who enrich the marketplace with innovative materials, methods or products. For more information, please visit www.basf-vc.de.
About Triton Systems
Triton Systems, Inc. (Triton) is an advanced materials, coatings and systems engineering product development firm headquartered near Boston, Massachusetts. Triton selectively combines US Government funds with private equity investments to transition ideas to the marketplace. Founded in 1992, Triton, along with its affiliates, has two locations in Massachusetts, a R&D and manufacturing facility in Fargo, North Dakota, and a life science group in Berkeley, California. For more information please visit www.tritonsystems.com.