FRX Polymers Inc. raises $12MM Series C financing

FRX Polymers Inc. (“FRX” or the “Company”) announced today that it has closed its Series C financing for $12 million. The round of financing was led by Evonik Venture Capital GMBH, a wholly owned subsidiary of Evonik Industries AG. Joining Evonik are FRX’s current shareholders, Capricorn Venture Partners, DB Masdar Cleantech Fund, SAM Private Equity, BASF Venture Capital, Israel Cleantech Ventures, Triton Systems and many of the company’s founders, its Western Canadian Syndicate and its employees. The closing coincides with the opening of FRX’s first industrial scale Green flame retardant polymer plant in Antwerp Belgium. The financial resources will be used to fund the company’s sales ramp of this new to the world plant.

FRX is the manufacturer and marketer of a new, environmentally friendly family of inherently flame retardant plastics and oligomers, trade named Nofia®. Currently in the high growth phase of commercializing its unique family of polyphosphonate homopolymers, copolymers, and oligomers, FRX produces plastics that are tough, transparent, and possess high melt flow. FRX’s products are being sold in consumer electronic, building and construction, and transportation markets, as polymeric flame retardant additives, flame retardant engineering plastics, and as reactive flame retardant additives for thermosetting resins.

FRX’s portfolio includes an extensive and growing patent estate. To date, the company has 43 granted patents and 96 patent applications. FRX was the 2008 and 2013 recipient of Frost and Sullivan’s “Innovation of the Year” award for flame retardant materials. FRX was featured on CNN Money in 2012 and in 2013 was named to Global Cleantech’s list of top 100 companies and made Going Green’s global top 200 list of companies. In addition, the company won the Flanders Investment of the Year Award in 2013.

Source: FRX Polymers