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DB Masdar, BASF Venture lead $26.7m Series B for FRX Polymers

30 Mar 2012

DB Masdar Fund and BASF Venture Capital have led a $26.7m financing round for environmentally-friendly flame-retardent plastic producer FRX Polymers.

FRX completed a $15.7m Series B round last June but kept it open due to continued interest from new investors.

Other investors in the close included Capricorn Cleantech and Israel Cleantech Ventures, who took part in the Series A and first Series B closes.

FRX said it would use the funds to partially finance its first commercial-scale production facility, which it slated to open in Belgium at the end of 2013.

DB Masdar Clean Tech Fund partner Alex O’Cinneide said, “Along with being at the cutting edge of the environmentally clean flame retardant additive market, {FRX} has a strong patent portfolio, proven products, a scalable process, an impressive list of industrial partners, and a strong management team.

“This investment demonstrates our strong belief in FRX and its future.”

DB Masdar Clean Tech Fund is co-managed by Masdar Capital, the private equity and venture capital arm of the Abu Dhabi based Masdar Initiative, and DB Climate Change Advisors, a unit of Deutsche Bank’s Asset Management division.

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