FRX Polymers secures US$22 mn funding from China for growth in Asia

US flame retardant solutions provider FRX Polymers has secured US$22 million in Series D equity-financing lead by CITIC Capital based in Beijing. CITIC Group Corporation, formerly the China International Trust and Investment Corporation, is a state-owned investment company, established by Rong Yiren in 1979.

Other parties participating in the financing were FRX Polymers’ current shareholders including PMV Tina Fund, Capricorn Venture Partners, FXP Holdings, Evonik Venture Capital, Mubadala Capital, RobecoSam, Israel Cleantech Fund, and other stakeholders including the company’s employees and senior management group.

The new financing will be used to fund the company’s growth into Asia. The new round of equity investment will help support business growth in China and other parts of the world, according to Marc Lebel, President/CEO of FRX Polymers.

China is the fastest-growing region for flame-retardant plastics, according to the company. “We are delighted to have completed our Series D financing and welcome CITIC Capital as a key strategic partner. Their involvement comes at a critical time as the company makes a strong push to expand its market in Asia and especially in mainland China,” said Lebel. “It is important to us that all of our key investors share the same vision and commitment as we embark on the next phase of our growth plan.”

FRX Polymers has developed a game-changing product line of polymeric additives to address the global need for non-halogen flame retardant plastics, according to Lebel. It has a new, environmentally friendly family of inherently flame retardant plastics and oligomers, trade named Nofia.

The company is currently in the high growth phase of commercialising its unique family of polyphosphonate homopolymers, copolymers, and oligomers. These non-halogen flame retardants are said to be tough and transparent, and possess high melt flow for use in consumer electronics, textiles, building and construction, and transportation markets.

Nofia phosphonates replace halogenated flame retardants, which are being phased out due to toxicity concerns. They are being sold as polymeric flame retardant additives, flame retardant engineering plastics, and as reactive flame retardant additives for thermosetting resins.

Nofia phosphonates are produced using sustainable green chemistry principles such as a solvent-free production process, no waste by-products, and near 100% atom efficiency.

FRX Polymers’ portfolio includes an extensive and growing patent estate. To date, the company has nearly 200 patent applications, of which 99 applications have been granted. FRX Polymers has been the recipient of numerous awards, including the EPA’s Environmental Merit Award, the Belgium Business Award for the Environment, and the Flanders Investment of the Year Award.

Founded in 2007, FRX operates a pilot plant at its headquarters in Chelmsford, Mass. and a full-scale commercial plant in Antwerp, Belgium.

(PRA)