Evonik Industries has led a $12million Series C financing round in FRX Polymers Inc., Chelmsford (USA). Its corporate venture capital fund, Evonik Venture Capital GmbH, invested $2.5 million in the round. FRX is the manufacturer and marketer of a new, environmentally friendly family of inherently flame retardant plastics and oligomers, trade named Nofia®. The closing coincided with the opening of FRX’s first industrial scale flame retardant polymer plant in Antwerp, Belgium.
Nofia® products are a family of halogen-free, phosphorus-containing oligomers and polymers that are inherently flame retardant and display unique physical properties. FRX’s products have applications in consumer electronic, building and construction, and transportation markets.
"We are delighted to have become an investor in FRX. This is an exciting company with a unique product offering that has come a very long way and is strategically well positioned to carve out an important market share in the years to come", said Dr. Bernhard Mohr, Managing Director of Evonik Venture Capital, who are also represented on the Board of Directors of FRX.
"We welcome our new investor, Evonik Venture Capital", said Marc Lebel, President and CEO of FRX Polymers. "With Evonik, we have added an important strategic partner who shares the same vision as we do for the growth of the company to our shareholder base."
Joining Evonik in this financing round are FRX’s current shareholders, Capricorn Venture Partners, DB Masdar, SAM Private Equity, BASF Venture Capital, Israel Cleantech Ventures, a Western Canadian Syndicate and many of the company’s founders and employees.
Investments in technology companies and specialized venture capital funds provide Evonik with rapid access to new technologies outside of the existing portfolio covering the most important technologies trends and geographic regions. In the last two years, Evonik Venture Capital invested in the Emerald Cleantech Fund III with focus on Europe and North America, the North-American Pangaea Ventures Fund III, and the High-Tech Gründerfonds II, Germany’s leading cross industry seed-stage investor.
Evonik, the creative industrial group from Germany, is one of the world leaders
in specialty chemicals. Profitable growth and a sustained increase in the value of the company form the heart of Evonik’s corporate strategy. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms.
Evonik is active in over 100 countries around the world. In fiscal 2012 more than 33,000 employees generated sales of around €13.4 billion and an operating profit (adjusted EBITDA) of about €2.4 billion (excluding Real Estate in both cases).
About Evonik Venture Capital
Evonik Venture Capital GmbH, 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.
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, a polymer pilot plant in Switzerland and 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.
In so far as forecasts or expectations are expressed in this press release or where our statements concern the future, these forecasts, expectations or statements may involve known or unknown risks and uncertainties. Actual results or developments may vary, depending on changes in the operating environment. Neither Evonik Industries AG nor its group companies assume an obligation to update the forecasts, expectations or statements contained in this release.