Join the Newsletter

Stay up-to date with food+ag+climate tech and investment trends, and industry-leading news and analysis, globally.

Subscribe to receive the AFN & AgFunder
newsletter each week.

BioAmber Inc. Secures CAD$20M for World’s Largest Bio-based Chemical Plant
BioAmber Inc. Secures CAD$20M for World’s Largest Bio-based Chemical Plant

BioAmber Inc. Secures CAD$20M for World’s Largest Bio-based Chemical Plant

June 24, 2014

Canadian chemicals are raking it in.

 

BioAmber Inc. (NYSE: BIOA), a company creating sustainable chemicals, announced its subsidiary company, BioAmber Sarnia Inc., secured a CAD$20 million commercial loan for the world’s largest bio-based succinic acid production facility.

 

The plant will convert Canadian agricultural products into bio-based succinic acid, which is a chemical used in a wide variety of everyday products such as car interiors, plastics, resins, food additives and personal care products. (If you’re wondering about the food additives part, it actually occurs naturally in broccoli, beets, rhubarb, asparagus, cheese and more.) The loan comes from a financial consortium led by Canada’s export credit agency Export Development Canada, and include Farm Credit Canada and Comerica Bank.

 

These funds may be big, but they’re not BioAmber’s biggest, or first. Just in February of 2014, BioAmber announced $10 million in debt financing for the succinic acid plant.

 

“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, of the last loan.

 

BioAmber projects that the Ontario-based plant will be completed in early 2015, and that over 90 percent of the plant’s 30,000 MT annual capacity will be exported.

 

 

If you have any news, insights to share, would like to pitch guest posts, commentaries or white papers, drop me a line at [email protected].

FEATURED PHOTO: kuhnmi/Flickr

 

Join the Newsletter

Get the latest news & research from AFN and AgFunder in your inbox.

Join the Newsletter
Get the latest news and research from AFN & AgFunder in your inbox.

Follow us:

Advertisement
Advertisement
Advertisement

Sponsored Content

Editor's Pick

Frankly Speaking

Data Snapshot

Investor Insight

Meet the Founder

Research & Data

Join Newsletter