BioAmber secures $20 million loan to complete Sarnia plant
The plant will be the world's largest bio-based succinic acid production facility.
MINNEAPOLIS, Minn. — BioAmber Inc. has announced that its Canadian subsidiary BioAmber Sarnia Inc., a joint venture with Mitsui & Co., has secured a $20 million commercial loan from a financial consortium led by Export Development Canada and including Farm Credit Canada and Comerica Bank, which will be used to complete the ongoing construction of the its Sarnia plant and fund its start up and commissioning.
When completed in early 2015, the plant will be the world’s largest bio-based succinic acid production facility. The plant will convert Canadian agricultural products into bio-based succinic acid, a value added building block chemical used in a variety of products.
BioAmber projects that over 90% of the 30,000 MT annual capacity will be exported.
The company’s proprietary technology platform combines industrial biotechnology and chemical catalysts to convert renewable feedstock into sustainable chemicals for use in a wide variety of products including plastics, resins, food additives and personal care products.