Company initiatives, Investments

BioAmber secures $10m loan from Ag Canada

BioAmber’s subsidiary, BioAmber Sarnia Inc., has secured a $10 million interest free loan from Agriculture Canada for the 30,000 MT succinic acid plant currently under construction in Sarnia, Ontario, Canada. The loan, which was secured through the Department’s Agri-Innovation Program, will be reimbursable in equal yearly installments from 2015 to 2024.

BioAmber Sarnia had previously received $35 million in support from government organizations including Sustainable Development Technology Canada, the Federal Economic Development Agency for Southern Ontario and the Ontario Ministry of Economic Development, Trade and Employment.

BioAmber said it is actively negotiating additional loans for Sarnia that will further ease investment burden for the early stage company.  The company’s goal is to get Sarnia operational in early 2015.

About Doris de Guzman

Will Green Chemistry save the world or is it hype? Doris de Guzman examines alternative processing, new technology, R&D and other sustainability initiatives aimed at preventing pollution; replacing ingredients; and using renewable feedstocks in Green Chemistry. She has been covering the oleochemicals market for 15 years and spread her beat to inorganics, biofuels and green chemistry.

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