MONTREAL, June 9, 2015 /CNW Telbec/ - BioAmber Inc. (NYSE: BIOA) announced today that construction of its 30,000 MT succinic acid plant in Sarnia, Ontario is substantially complete. Commissioning is progressing as planned and the plant is on schedule to begin commercial operations in Q3 2015.
All piping work has been completed and water tested and all motors have been tested. The production team, analytical staff and engineers have permanently relocated to the plant, and the facility is ready to begin receiving chemicals. The only remaining construction activities involve some instrumentation and control work, insulation of certain pipes, the paving of the site road and parking lot, the removal of scaffolding and the installation of a few wall panels on the exterior of the building.
"We are bringing an important chapter in Sarnia's history to a close," said Fabrice Orecchioni, BioAmber's Chief Operations Officer. "As we accelerate our commissioning and start up efforts, we put behind us the risk and uncertainty related to the plant's construction costs and schedule, and our focus now turns to achieving commercial operation in the next quarter."
The control room and laboratories are operational and plant personnel are testing instrument controls in sequence. The next steps will include running initial fermentations and testing the purification equipment to confirm that the plant is producing bio-succinic acid that meets specifications. These activities will be carried out over the next two months. The Company plans to communicate on the outcome of these steps and subsequent milestones as the plant moves toward commercial operation.
BioAmber (NYSE: BIOA) is an industrial biotechnology company producing sustainable chemicals. Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstock into sustainable chemicals for use in a wide variety of everyday products including plastics, paints, food additives and personal care products. For more information visit www.bio-amber.com
This press release contains forward-looking statements, including statements related to the commissioning and start up activities of the Sarnia plant, and the expected commercial operation date. All statements other than statements of historical fact in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond BioAmber's control. BioAmber's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Report on Form 10-Q for the quarter ended March 31, 2015.
SOURCE BioAmber Inc.
For further information: BioAmber Contact: Mike Hartmann, Executive Vice President, BioAmber Inc., +1 (514) 844-8000 extension 120, [email protected]