Evonik Invests in FRX Polymers Inc.

Evonik Industries has led a $12 million Series C financing round in FRX Polymers Inc., Chelmsford, MA. Its corporate venture capital fund, Evonik Venture Capital GmbH, invested $2.5 million in the round. FRX is the manufacturer and marketer of a new, environmentally friendly family of inherently flame retardant plastics and oligomers, trade named Nofia. The closing coincided with the opening of FRX’s first industrial scale flame retardant polymer plant in Antwerp, Belgium.

Nofia products are a family of halogen-free, phosphorus-containing oligomers and polymers that are inherently flame retardant and display unique physical properties. FRX’s products have applications in consumer electronic, building and construction, and transportation markets.

“We are delighted to have become an investor in FRX. This is an exciting company with a unique product offering that has come a very long way and is strategically well positioned to carve out an important market share in the years to come,” said Dr. Bernhard Mohr, managing director of Evonik Venture Capital, who is also represented on the Board of Directors of FRX.

Joining Evonik in this financing round are FRX’s current shareholders, Capricorn Venture Partners, DB Masdar, SAM Private Equity, BASF Venture Capital, Israel Cleantech Ventures, a Western Canadian Syndicate and many of the company’s founders and employees.