Industry News

BioAmber Receives USD 10 Mn Funding from Agriculture Canada for its Succinic Acid Plant in Sarnia

Published on 2014-02-24. Author : SpecialChem

BioAmber recently announced that its subsidiary BioAmber Sarnia Inc. has secured a $10 million interest free loan from Agriculture and Agri-food Canada for the 30,000 MT succinic acid plant in Sarnia, Ontario, Canada.

The loan, secured through the Department's Agri-Innovation Program, will be reimbursable in equal yearly installments from 2015 to 2024.

Agriculture Minister Gerry Ritz made the announcement before local, provincial and federal government officials as well as senior representatives of Mitsui & Co., BioAmber's joint-venture partner in the project, at the future plant's energetic construction site. BioAmber Sarnia Inc. is currently the beneficiary of $35 million in support from various government organizations including Sustainable Development Technology Canada, the Federal Economic Development Agency for Southern Ontario and the Ontario Ministry of Economic Development, Trade and Employment. "BioAmber's innovative project will help enhance the bottom line of producers by using a corn derivative as agricultural feedstock while generating jobs in the Sarnia area," said Minister Ritz.

"This is a great example of how government can support Canadian farmers, create jobs and reinvigorate the manufacturing sector, while also making a meaningful contribution to climate change," said Jean-Francois Huc, BioAmber's Chief Executive Officer.

About BioAmber, Inc.

BioAmber, a renewable chemistry company, is a market leader in the development and commercialization of biobased succinic acid and derivatives including 1,4 butanediol and modified PBS, a biodegradable plastic offering better heat resistance and processability than other biopolymers. BioAmber operates the world's first dedicated biobased succinic acid plant and has partnerships with Cargill, DuPont Applied Biosciences, Lanxess, Mitsubishi Chemical, Mitsui & Co. and PTTMCC Biochem. BioAmber is also leveraging its succinic acid experience and know how to develop a biobased adipic acid platform. The company has offices and research labs in Minneapolis, MN, an office in Montreal, a sales office in Shanghai, China and a production plant in Pomacle, France.

Source: BioAmber, Inc.

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