The significant increase in manufacturing capacity will allow Accsys to meet demand from the “substantial and growing markets” for Accoya and Tricoya globally.

The Tricoya chip plant will be built at Saltend Chemical Park, Hull, with funding arranged from a combination of debt and equity from BP, Medite, BGF and Volantis and debt from RBS.

Tricoya modified wood chips are used in the production of modified wood panels, such as Medite’s Tricoya Extreme MDF, which due to its modification through an acetylation process enables the products to be used in external applications.

Pre-construction engineering and design work for the Hull plant was finished in 2016 and its construction is expected to be completed by early 2019.