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.
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