Mitsui makes additional investment in BioAmber facility

By BioAmber Inc. | February 15, 2016

BioAmber Inc., a leader in renewable materials, is pleased to announce that Mitsui & Co. Ltd., its partner in the Sarnia, Ontario, biobased succinic acid plant, is investing an additional CDN$25 million (USD$18.07 million) in the joint venture for 10 percent of the equity, increasing its stake from 30 percent to 40 percent.  Mitsui will also play a stronger role in the commercialization of bio-succinic acid produced in Sarnia, providing dedicated resources alongside BioAmber's commercial team.  BioAmber will maintain a 60 percent controlling stake in the joint venture.

"Mitsui is continuously committed to renewable chemistry and through our increased equity stake we will be more actively involved in joint venture management and sales, leveraging our global sales platforms," said Hidebumi Kasuga, general manager, specialty chemicals division, basic chemicals business unit.  "We are very happy with Sarnia's fermentation and plant operations performance to date and the JV has received quality certifications from more than 90 customers. With this progress, I am confident that Sarnia's bio-succinic acid will be penetrating the global marketplace quickly."

"Mitsui's increased commitment to the Sarnia plant is a strong endorsement of its value and potential.  We have in Mitsui a financially robust, global partner that is motivated by Sarnia's progress and prospects," said Jean-Francois Huc, CEO of BioAmber.   "This investment strengthens Sarnia's balance sheet as we ramp up production and sales."