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.
Avantium, a Dutch scale-up renewable chemicals company that develops and commercializes a next generation biobased chemicals and bioplastic, signed an agreement with Mitsui & Co. to commercialize 100% biobased chemicals FDCA (furandicarboxylic acid) and PEF (polyethylene furandicarboxylate) in Asia. As part of this agreement, Mitsui has been granted a right to pu rchase a sizable volume of FDCA from the first commercial FDCA plant to be constructed by Avantium.