|[May 07, 2014]
FRX Polymers Inc. Completes $20MM Series C Financing
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
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
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.
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