BioAmber Inc., an industrial biotechnology company producing sustainable chemicals, recently announced its financial results for the third quarter ended September 30, 2014.
- Sarnia project continues to be on budget and scheduled for mechanical completion in early 2015
- A 15 year take-or-pay agreement was signed with Vinmar for at least 10,000 tons per year from Sarnia and 200,000 tons per year from two future succinic acid plants subject to their being built
- Public offering of common stock was completed that raised $36 million in net proceeds
- A bio-succinic acid supply contract was signed with Xuchuan, a leading global producer of polyols
- Detailed engineering is complete
- All major pieces of process equipment have been delivered, a majority of this equipment has been set in place, and the field erection of the three fermenters is approximately 70% complete
- The steel work and equipment settings are nearing completion and the focus is shifting to piping and electrical work, with approximately 200 workers on site daily
- The estimated cost to completion remains within the original budget, and the project remains scheduled for mechanical completion in early 2015
Other Business Highlights
- BioAmber signed a 15-year bio-succinic acid take-or-pay agreement with Vinmar International for three plants with a total annual commitment of 210,000 tons once all plants are operational. For Sarnia, Vinmar will purchase at least 10,000 tons per year of bio-succinic acid for 15 years
- BioAmber signed a 5 year exclusive bio-succinic acid supply agreement with Xuchuan Chemical, a global leader in polyester polyols, who will initially buy succinic acid to make cast polyurethane elastomers (CPU) and who plan to subsequently expand the use of bio-succinic acid to shoe soles, coatings and artificial leather
- BioAmber secured 8 new customers in the quarter, for a total of 16 new customers year-to-date
- BioAmber initiated several preliminary steps in connection with its next commercial plant, which will produce both bio-BDO and bio-succinic acid. Progress was made during the past quarter on site screening and selection, basic engineering, potential strategic partners, lenders and investors.
By the way, the company also launched its new logo: