15 September 2010 22:18 [Source: ICIS news]
BOSTON (ICIS)--US renewable chemical company OPX Biotechnologies (OPXBio) plans to establish a joint venture and start up a commercial-scale bio-based acrylic acid plant in 2014, an executive said on Wednesday.
To meet its schedule, OPXBio plans to raise $50m [€39m], said chief executive Charles Eggert.
Eggert made his comments during a presentation at the Biobased Chemicals East conference in Boston.
“We were already able to reduce our bio-acrylic acid production cost by 95% toward our commercial target of 50 cents/lb [$1,102/tonne],” he added.
Capacity of the plant is expected to be around 110m lb/year (50,000 tonnes/year), the company said.
OPXBio first plans to develop, scale and demonstrate its bio-acrylic process through a demonstration plant planned in late 2011 to early 2012.
The company is currently producing 5,000 lb/year of bio-acrylic acid at a pilot plant in Boulder, Colorado.
Eggert valued the world's global acrylic acid market at $8bn.
($1 = €0.77)
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