BioAmber (BIOA) Joint Venture with Mitsui Reaches Key Operating Milestone
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BioAmber Inc. (NYSE: BIOA) announced today that its joint venture with Mitsui & Co. has achieved the final operational milestone set out in a CAD$20 million commercial loan that the joint venture drew down in 2015. BioAmber Sarnia demonstrated performance levels validating commercial operation, as defined in its loan agreement with Comerica Bank, Export Development Canada (EDC) and Farm Credit Canada (FCC).
The performance indicators for the Sarnia manufacturing facility included the overall efficiency of BioAmber's proprietary biotechnology in fermentation, the plant's throughput and output in continuous operation, and the quality of the final product. This milestone is further evidence that the Sarnia plant is operating well, as recently disclosed in BioAmber's Q2 2016 operating results.
BioAmber Sarnia has also demonstrated the performance targets that Sustainable Development Technology Canada (SDTC) had originally set for the project. These include targets related to greenhouse gas emissions and financial performance. SDTC has completed its third-party validation of Sarnia's performance and approved the final grant payment of CAD$1.45 million to BioAmber.
"Our lenders had set out rigorous performance criteria for the Sarnia facility and achieving these milestones is independent validation of how well our plant is operating," said Fabrice Orecchioni, BioAmber's Chief Operating Officer. "Our facility is the world's largest succinic acid plant and our variable costs are competitive with petro-succinic acid at current oil prices. With Sarnia up and running, BioAmber has established itself as a global leader in renewable chemicals," he added.
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