AFYREN's €5.2M Boost: Fueling France's Bio-Industrial Revolution

CLERMONT-FERRAND, France – April 24, 2026 – In a significant move that underscores Europe's commitment to a sustainable industrial future, French greentech company AFYREN has secured a combined €5.2 million in strategic funding. The capital injection, comprising a €3 million grant from the Grand Est Region via the European Just Transition Fund and a final €2.2 million payment from Bpifrance's France Relance program, is set to accelerate performance investments at its flagship biorefinery, AFYREN NEOXY.

This dual financial endorsement validates AFYREN's mission to displace petroleum-based products with bio-manufactured alternatives. The company has successfully pioneered a unique fermentation process that transforms non-food agricultural co-products into a range of high-value, low-carbon organic acids. The funding arrives at a pivotal moment, as volatile geopolitics and persistent supply chain vulnerabilities continue to expose the fragility of economies dependent on fossil fuels.

A Strategic Bet on Bio-Manufacturing

The grants are more than just a financial lifeline; they represent a powerful vote of confidence from both European and French national bodies in AFYREN's circular economy model. The European Just Transition Fund is specifically designed to support regions like Grand Est in their shift towards a green economy, mitigating the socio-economic challenges of decarbonization by fostering innovation and creating sustainable jobs. AFYREN's selection highlights its role as a key enabler of this regional transformation.

Simultaneously, the final €2.2 million installment from Bpifrance, secured in March 2026 after meeting all predefined milestones, confirms the company's maturity and successful execution. The France Relance program was established to bolster strategic industries critical to the nation's sovereignty and resilience.

"Recent geopolitical events have highlighted the vulnerability of economic models that are heavily dependent on oil and at the same time have underscored the relevance of alternative bio-based solutions," commented Nicolas SORDET, Chief Executive Officer of AFYREN. "Driven by this long-term conviction, we have recently taken full ownership of our biorefinery and are diligently continuing with the execution of our investment program aimed at strengthening the performance of our industrial asset."

This confidence is further demonstrated by the company's recent move to acquire the remaining 49% stake in the AFYREN NEOXY plant from its partner, Bpifrance, for €11.3 million. The decision to take 100% ownership simplifies governance and signals a firm belief that the facility is poised for significant growth and can drive the group's future profitability.

From Lab to Factory: Scaling the Greentech Dream

The heart of AFYREN's operation is the AFYREN NEOXY plant in the Grand Est region, one of the few greentech facilities in Europe to have successfully transitioned from pilot projects to industrial-scale commercialization. The biorefinery boasts a production capacity of over 16,000 tonnes per year and is dedicated to producing a family of seven distinct bio-based carboxylic acids used in sectors ranging from human and animal nutrition to cosmetics, fragrances, and specialty materials.

In 2025, the plant produced nearly 400 tonnes of its bio-based acids, marking the start of its commercial journey. Now, armed with fresh capital, AFYREN is embarking on an ambitious €20 million investment plan for 2026-2027. This strategy is focused on "debottlenecking" the production site to optimize capacity, enhance operational efficiency, and improve yields. The company's leadership anticipates these upgrades will be crucial in achieving its target of EBITDA breakeven by 2028.

The technological process itself is a masterclass in circular design. The plant utilizes local, non-food biomass—specifically co-products from the sugar beet industry—as its feedstock. Through a proprietary nature-inspired fermentation process, it creates its acids with a carbon footprint reportedly one-fifth that of their petroleum-based equivalents. The plant is engineered for "zero industrial waste," with its only major co-product being a high-quality fertilizer that can be returned to local farms, effectively closing the loop on a regional scale.

The Local Engine of a Green Economy

The impact of AFYREN's project extends deep into the economic fabric of the Grand Est region, a territory actively positioning itself as a European hub for the bioeconomy. The grants are not just funding a factory; they are nurturing an entire ecosystem. The AFYREN NEOXY plant is projected to create 60 skilled, direct jobs and support up to 200 additional indirect jobs in local supply chains and construction.

Recognizing the challenge of finding specialized talent, AFYREN has proactively partnered with local organizations to launch an innovative recruitment program, "Sustainable industrial jobs for everyone," ensuring the community directly benefits from the investment. This focus on local impact, from job creation to sourcing agricultural feedstock from nearby suppliers, perfectly aligns with the core mission of the Just Transition Fund.

By adding value to agricultural co-products that might otherwise be underutilized, the company provides a new revenue stream for the region's farmers and strengthens the resilience of the local agricultural sector. This synergy between advanced industry and traditional agriculture is a cornerstone of the modern bioeconomy that policymakers are eager to foster across the continent.

Navigating the Market with Investor Confidence

AFYREN is entering a burgeoning market for bio-based organic acids, which was valued at over €10 billion in 2020 and continues to grow as manufacturers face mounting regulatory pressure and consumer demand for sustainable ingredients. The company's 2025 financial results reflect its current stage of development, posting its first significant revenues of approximately €1 million alongside a net loss of €14.4 million, driven by the substantial costs of industrial scale-up.

However, investor confidence remains robust. The company maintains a strong cash position of €35.2 million as of the end of 2025. This was bolstered by a successful €23 million capital increase in November 2025, which saw strong participation from strategic partners, including long-standing customer Kemin Industries and Bpifrance's Large Venture fund.

Listed on the Euronext Growth Paris market, AFYREN has attracted positive attention from financial analysts, with a median "Buy" rating and projections of significant upside potential. This combination of public grant funding, private strategic investment, and a clear path to optimizing its industrial asset positions AFYREN not merely as a greentech innovator, but as a formidable player in Europe's unfolding industrial revolution.