Avantium N.V. (Amsterdam, the Netherlands) announced the completion of the spin-out of its Parana Technology into Parana Materials B.V. (Geleen, the Netherlands). Parana Materials is a new, independent company focused on the development and commercialization of plant-based, high-performance polyesters such as PISA, PISOX and PEIT/PEIF. The Parana Technology portfolio is distinct from Avantium’s FDCA and PEF (branded as releaf®) technology, which remains fully within Avantium. The transaction is part of Avantium’s strategy to focus resources and investments on its core FDCA and PEF business while enabling other promising technologies in its portfolio to pursue independent growth and commercialization pathways.
Parana Technology enables the production, application and recycling of renewable, high-performance polyesters through simpler and more cost-effective synthesis routes using commercially available monomers such as isosorbide, succinic and oxalic acid, and bio-MEG, and production in existing industrial assets. The technology portfolio includes oxalic acid-based PISOX polyesters, which offer attractive sustainability characteristics, including marine degradability and the potential for a carbon-negative footprint, as well as PISA, PEIT and PEIF polyesters, which combine high mechanical and thermal performance with renewable content for packaging, consumer goods and specialty applications. The technology has attracted interest from leading global consumer brands and materials innovators.
As part of the transaction, Avantium has transferred the assets associated with Parana Technology to Parana Materials, including intellectual property, know-how, projects and a dedicated team. Among the founders of Parana Materials is Gert-Jan Gruter, currently Avantium’s chief technology officer and the inventor of the Parana Technology, who will transfer to the new company following completion of the transaction as chief technology officer of Parana Materials. Parana Materials will be led by Willem-Jan Meijer, who has more than a decade of experience in strategy, licensing, business development and the commercialization of sustainable technologies, including senior leadership positions at Avantium and dab.bio. Avantium will retain a minority shareholding in Parana Materials, allowing Avantium to participate in future value creation while maintaining focus on its strategic priorities.
Parana Materials has been established at Brightlands Chemelot Campus in Geleen, the Netherlands, and starts its next phase with dedicated leadership, funding and infrastructure. The company will assume responsibility for the operation of Avantium’s polymerization pilot plant unit under a lease arrangement. This unit will support Parana Materials’ development, scale-up and customer application activities and will be used for third-party tolling, while allowing Avantium to reduce its overall cost base with minimal operational disruption. Avantium will retain ownership of the unit and continue to have access to its polymerization capabilities through Parana in support of its FDCA and PEF technology.
To support its next phase of development and commercialization, Parana Materials has secured backing from LIOF Participatiefonds (Maastricht, the Netherlands), Limburg’s regional development agency, as well as from its founders. The company has also been awarded support through the Just Transition Fund (JTF) and the Demonstration Energy and Climate Innovation (DEI+) programs. Together, these commitments provide a strong foundation for advancing Parana Materials toward commercial applications and further scale-up of its renewable polyester platform.
Gert-Jan Gruter, chief technology officer and founder of Parana Materials, said: “Parana Materials starts with a clear mission: to turn a distinct portfolio of plant-based polyester technologies into practical solutions for customers. Operating as an independent company gives us the focus and agility to develop PISOX, PISA, PEIT and PEIF together with partners, using production routes designed to fit existing industrial infrastructure. We look forward to building the company and translating customer interest into concrete applications.”
Jeffrey Lutje Spelberg, investment manager of LIOF, added: “Parana Materials combines innovative technology with strong international growth potential. Our investment supports its technical and commercial development while strengthening Limburg’s biobased materials cluster. Its presence at Brightlands Chemelot Campus creates new opportunities for collaboration and innovation, helping build lasting economic value for the region.”
Tom van Aken, chief executive officer of Avantium, said: “The completion of the Parana spin-out is another important step in the execution of our strategy. By creating an independent company with dedicated leadership, funding and development resources, we believe Parana Materials is well positioned to advance its promising polyester technology platform. At the same time, the transaction enables Avantium to sharpen its focus on the commercialization of FDCA and PEF and the execution of our licensing strategy. Through our shareholding in Parana Materials, we retain exposure to the future value creation potential of the technology while allowing the business to pursue its own growth trajectory.”