MINNEAPOLIS, MN, Nov. 8, 2011 /CNW Telbec/ - BioAmber, a next-generation
chemicals company, and Mitsui & Co., a leading global trading company,
have partnered to build and operate the previously announced
manufacturing facility in Sarnia, Ontario, Canada. The initial phase
of the facility is expected to have production capacity of 17,000
metric tons of biosuccinic acid and commence commercial production in
2013. The partners intend to subsequently expand capacity and produce
35,000 metric tons of succinic acid and 23,000 metric tons of 1,4
butanediol (BDO) on the site. Bioamber and Mitsui also intend to
jointly build and operate two additional facilities that, together with
Sarnia, will have a total cumulative capacity of 165,000 tons of
succinic acid and 123,000 tons of BDO. BioAmber will be the majority
shareholder in the plants.
BioAmber and Mitsui plan to build and operate a second plant in
Thailand, which is projected to come on line in 2014. The partners are
currently undertaking a feasibility study for the Thailand plant with
PTT MCC Biochem Company Limited, a joint venture established between
Mitsubishi Chemical Corporation and PTT Public Company Limited.
BioAmber and Mitsui & Co. also plan to build and operate a third plant,
located in either North America or Brazil, which will be similar in
size to the Thailand project.
The partners are combining their respective strengths. BioAmber has
developed a proprietary technology platform that combines industrial
biotechnology, an innovative purification process and patented
catalysts to convert renewable feedstocks into chemical that are cost
effective replacements for petroleum-derived chemicals. BioAmber is
currently producing and selling succinic acid at a plant in France and
has proven the quality and cost competitiveness of its technology
without subsidies, using commercial scale fermenters. Mitsui & Co. is
one of the largest general trading companies in the world, with a broad
presence in the global chemicals market. In addition to its extensive
distribution capabilities and market access, Mitsui & Co. is strongly
committed to the renewable chemicals industry and has secured renewable
feedstock in Brazil, Thailand and other countries as part of its
strategic focus on renewable chemicals. In the year ending March 31,
2011, Mitsui had total revenues of $55 billion and net income of $3.6
billion. The company has over 40,000 employees on a consolidated basis
and operates 153 offices in 65 countries.
"Our goal is to play a leading role in the growth of renewable
chemicals, as evidenced by our recent joint ventures with BioAmber in
North America for biosuccinic acid and The Dow Chemical Company in
Brazil for biochemicals," said Masanori Ikebe, General Manager of
Mitsui's Specialty Chemicals Division. "We believe that biosuccinic
acid and bio-BDO will experience rapid growth over the next decade, and
BioAmber's technology leadership is an excellent fit with Mitsui's
strength across the supply chain," he added.
"BioAmber's partnership with Mitsui & Co. is a strong endorsement of our
technology platform," said Jean-Francois Huc, CEO of BioAmber. "Mitsui
is an ideal partner thanks to its long-term commitment to renewable
chemistry, its extensive reach into chemical markets and its strategic
access to sustainable feedstocks. Mitsui also has the financial
strength to support our expansion and help us compete internationally,"
About Mitsui & Co.
Mitsui & Co. Ltd. is one of the largest general trading companies in the
world, with 153 offices in 65 countries. Utilizing these global
operating locations, networks and information resources, Mitsui is
multilaterally pursuing business that ranges from product sales,
worldwide logistics and financing, through to the development of major
international infrastructure and other projects in the following
fields; Iron & Steel products, Motor Vehicles, Marine & Aerospace,
Chemicals, Energy, Food & Retail, Consumer Service, Information,
Electronics and Telecommunications, Financial Markets and
Transportation Logistics. For more information visit: www.mitsui.co.jp/en
About BioAmber Inc.
BioAmber is a next generation chemicals company. Its proprietary
technology platform combines industrial biotechnology, an innovative
purification process and chemical catalysis to convert renewable
feedstocks into chemicals for use in a wide variety of everyday
products including plastics, food additives and personal care
products. BioAmber produces bio-succinic acid in what it believes to
be one of the world's largest bio-based chemical manufacturing
facilities. For more information, see www.bio-amber.com.
SOURCE BIOAMBER INC.
For further information:
BioAmber Media Contact
Phone: 202 470 3239 (US) / +32 496 116198 (Europe)
BioAmber Investor Relations
Phone: 514 844 8000 extension 120
Mitsui Investor Relations
Corporate Communications Division
Media Relations Department
Email : Y.Sera@mitsui.com