PARIS – French green technology company AFYREN (Paris:ALAFY) said on Wednesday it has raised 23 million euros in a share capital increase from industry leader Kemin Industries and state-backed investor Bpifrance to fund an expansion of its flagship bio-refinery.
The capital increase was subscribed by Kemin Industries, a global specialty ingredients maker and a customer of AFYREN since 2018, which contributed 20 million euros. Strategic shareholder Bpifrance, via its Large Venture fund, provided the remaining 3 million euros, a statement said.
The new shares were issued at 2.40 euros each, a 9% premium to the stock’s volume-weighted average price over the previous three trading days.
The proceeds will be used to optimize AFYREN NEOXY, the company’s first industrial-scale biorefinery. The planned 20-million-euro capital expenditure project aims to increase the plant’s production capacity by over 20% to approximately 20 kilotons, up from an initially planned 16 kilotons.
“In July we presented a plan to optimize our first biorefinery… Today, we are delighted to announce an investment by industry leader Kemin Industries,” said Nicolas Sordet, Chief Executive Officer of AFYREN. He called the investment a “clear testimony of the strength of our offering.”
AFYREN uses a unique fermentation technology to produce bio-based, low-carbon ingredients for manufacturers from plant-based raw materials, operating on a circular economy model.
Dr. Chris Nelson, President and CEO of Kemin Industries, stated that the investment would accelerate the “optimization and ramp-up of capacity in Europe, one of our key markets for nutritional ingredients, unlocking value for both companies.”
As a consequence of its investment, Kemin Industries will be proposed for a seat on AFYREN’s board of directors at the next shareholder meeting.
The new shares are expected to be admitted to trading on Euronext Growth Paris on November 28, 2025.
Following the issuance, AFYREN’s share capital will comprise 35,693,422 ordinary shares.