AFYREN, a French greentech company listed on Euronext Growth Paris since October 2021, announced the €12.5m venture debt facility from BNP Paribas in its H1 2026 results release on 24 September 2026.
The facility has a maturity of five years, including a two-year repayment grace period. AFYREN said the non-dilutive instrument has the characteristics of conventional debt while allowing BNP Paribas to receive additional compensation should the company’s share price rise over the term of the loan. The company added that the transaction reflects the confidence of BNP Paribas, a long-term partner of AFYREN.
AFYREN was advised on the financing by Bird & Bird. Counsel to BNP Paribas, pricing, security, covenants, drawdown timing and the mechanism for the share-price-linked compensation were not disclosed.
The company announced the facility after saying it was advancing several financing workstreams, including refinancing cash used for the March 2026 buyout of SPI’s stake in AFYREN NEOXY, funding operating expenses at the parent company and its wholly owned subsidiary AFYREN NEOXY, financing €7m of remaining capex beyond €20m already financed for performance investments, and refinancing part of its debt. AFYREN’s half-year financial report says its €17.3m cash position at 30 June 2026, together with the €12.5m venture debt secured in September, allows the group to meet debt maturities and fund ongoing developments.
Founded in 2012, AFYREN uses fermentation to turn non-food agricultural co-products into biobased, low-carbon carboxylic acids and fertiliser for manufacturers in food, animal nutrition, flavours and fragrances, cosmetics and materials. The company has sites in Lyon and Clermont-Ferrand, and its first plant, AFYREN NEOXY, is in France’s Grand Est region. In March 2026, AFYREN bought the 48.92% stake in AFYREN NEOXY held by SPI, a fund managed by Bpifrance on behalf of the French state, for €11.3m in cash, taking full ownership of the plant.
For H1 2026, AFYREN reported revenue of €1.3m, a current operating loss of €9.7m and cash of €17.3m at 30 June 2026, down from €35.2m at the end of 2025. Consolidated financial debt was €40.9m including leases, while equity stood at €71.8m.
BNP Paribas was also lead bank and ESG coordinator on a €10m sustainability-linked loan for AFYREN NEOXY in December 2024, alongside Banque Populaire Auvergne Rhône-Alpes, Société Générale, Caisse d'Épargne Rhône-Alpes and LCL. The company also secured a €9m Prêt Nouvelle Industrie loan from Bpifrance in November 2024. AFYREN raised €23m in a November 2025 capital increase and €7m in a February 2026 capital increase.