PRINCETON, NJ, Oct. 26 /CNW Telbec/ - DNP Green Technology is pleased to announce that a syndicate led by Sofinnova Partners and including Mitsui & Co. Venture Partners, Samsung Ventures Investment Corporation, the Cliffton Group and AquaRIMCO has completed a US$12M equity investment in the company. All participants with the exception of AquaRIMCO are new investors.
DNP Green is a late stage bio-materials company that will begin selling bio-based succinic acid in 2009 through its Bioamber joint venture with ARD. Bioamber's plant, built at a cost of US $27 million, is the world's first and only facility producing bio-based succinic acid at a commercial scale, with an initial annual production capacity of 5,000,000 lbs.
"DNP Green Technology has an exceptional technology for the production of bio-based succinic acid, a state-of-the-art Bioamber production facility, and a solid management team behind it," said Denis Lucquin, Managing Partner of Sofinnova. "This is exactly the type of investment that Sofinnova targets, and we anticipate that the company will rapidly become the market leader."
About DNP Green Technology
DNP Green Technology acquires and develops innovative technologies for molecules of interest to the chemical industry, using renewable raw materials. Thanks to its numerous scientific and business partnerships, DNP Green has built an impressive portfolio of patents and expertise in the production and purification of organic acids and derivatives. DNP Green Technology has offices in Princeton N. J. and Montreal, and a joint venture with ARD in Pomacle, France.
SOURCE BioAmber Inc.
For further information: For further information: Mike Hartmann, Vice-President Corporate, DNP Green Technology, (514) 844-8000 ext 120, Mike.firstname.lastname@example.org