Posted October 05, 2018 05:32:31Australian manufacturing giant Aetherical Chemical Fiber (ACFF) has secured $1 billion in venture capital funding to develop and commercialise its advanced chemical fiber materials, a key step towards the future of industrial production in Australia.
Key points:The ACFF, the world’s largest chemical producer, has received $1.5 billion in investment from venture capital firms in AustraliaThe company plans to open a factory in Victoria in 2019The company says its chemical fiber products can be used in a wide range of industriesThe company said it is targeting a global market of 100 million people, but it is focused on Victoria and Melbourne for its first two plants in Melbourne and Victoria.
Aetherial has also signed a Memorandum of Understanding with three Australian universities to build a research and development facility.
The $1-billion investment, announced in September, will be used to fund a number of projects in Australia, including building a $200 million factory in Melbourne that will be a joint venture between the University of Melbourne and the University Of Melbourne.
The company has also secured a $1 million investment from the Victorian Government to further research and develop the technology.
Athera said it was committed to the Victorian economy, with jobs and infrastructure already well established, and it was looking forward to growing its supply chain to meet demand in the state.
“We have seen strong demand for our product from Victoria over the past two years,” Chief Executive of ACFF Andrew Maclean said.
“At the moment, we are the world leader in the production of chemical fibers and have been manufacturing our product since 2004.”
The Australian industry has seen strong growth in the past 12 months, and we are delighted to be expanding our supply chain and working with the Victorian government to bring these new products to the market.
“Aetheral currently manufactures its fibers in its Melbourne plant, and the company said its facilities in Melbourne are set to expand to include another 200,000 sq m of facilities in the next three years.
A number of companies, including aerospace giant Pratt & Whitney and automotive company Jaguar Land Rover, have already expressed interest in buying Aetheral’s chemical fiber product line.