Mitsui & Co., one of the most diversified and comprehensive trading, investment, and service enterprises in the world (with 140 offices in 66 countries) and BioAmber’s partner in the Sarnia bio-based succinic acid plant, is investing an additional CDN$ 25 million in the joint venture for 10% of the equity, increasing its stake from 30% to 40%. 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% 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.”
BioAmber’s innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products.