Dutch chemicals company Avantium plans to raise €100m through stock exchange launches in Amsterdam and Brussels to boost its work in making bioplastics from plants.

Avantium, which was spun off by Shell in 2000, will use up to €75m for the construction of a new factory in Antwerp port, which it is building together with German chemicals company BASF.

The Synvina joint venture was set up to commercialise new technology to to convert plant based sugar (fructose) into a wide range of biobased chemicals and plastics. The new plant will have capacity of up to 50,000 tons a year.

‘With the commercialisation of the YXY technology and other projects entering the pilot plant stage, access to equity capital markets will be the most logical step to effectively support our strategy and our ambitious plans for growth, chief executive Ton van Aken said in a statement.