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CHELMSFORD, US: FRX Polymers Inc announced it has closed on $ 15.7 million in series B equity round of financing. The funds will be used for working capital and to partially fund FRX’s first commercial scale production facility. FRX’s new plant is being built to fulfill significant customer demand for the company’s novel flame retardant polymers.
“We are delighted to welcome our new lead investor SAM Private Equity, our new Western Canadian Private Investors and North Sky Capital as well as welcoming back our existing investors, Capricorn, ICV and our founders and employees, FRX has an exciting future ahead and with this strong Series B syndicate in place, we have taken an important step in realizing that potential,” said Marc Lebel, President and CEO, FRX Polymers.
FRX currently operates two pilot plants in Chelmsford, MA and a third larger polymer pilot plant in Switzerland. The company is currently producing at capacity and will use part of the series B investment to finance its first commercial plant.
© WOC News
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