Evonik invests in FRX Polymers

Germany-based chemicals maker Evonik Industries has led a US$12million Series C financing round in US flame retardant producer FRX Polymers. Its corporate venture capital fund, Evonik Venture Capital GmbH, invested US$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.

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.

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 commercialiSing a novel family of non-halogen, transparent, high melt flowing, fire resistant plastics. FRX Polymers is headquartered in Chelmsford MA.


Home | Terms & Conditions | Privacy Policy | Contact | Webmail | Site Map

Copyright (c) 2014 www.plasticsandrubberasia.com. All rights reserved.