Afyren's share price rose on Thursday after the company reported "significant" progress in production at its plant in the Grand Est region of France, as well as the delivery of the first batches of biobased organic acids.

The greentech company reports that operations at its Carling-Saint Avold site, which have been underway for several weeks, have already produced several tons of product.

This is the world's first plant for the industrial-scale production of biobased carboxylic acids from sugar beet co-products.

The company plans to start continuous production in autumn 2023, before gradually ramping up volumes to produce 16.000 tonnes of carboxylic acids per year at full capacity.

As a reminder, Afyren has commercial commitments for 75% of annual production for acids and 100% for fertilizers.

These contracts represent total cumulative sales of over 165 million euros, to be recognized over the coming years.

Afyren specifies that, with a target current production EBITDA margin of 25% for the plant, the site christened 'Afuren Neoxy' should reach breakeven (positive current production EBITDA margin) by the end of 2023.

Following these announcements, Afyren shares climbed over 4% on the Paris Bourse, after having gained up to 8% earlier in the morning.

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