US Myriant secures $25m in funding through government programme

18 June 2012 16:12  [Source: ICIS news]

HOUSTON (ICIS)--US Myriant has secured a $25m (€20m) private bond placement through the US Department of Agriculture’s (USDA) Business and Industry Rural Development Loan Guarantee programme for a bio-succinic acid plant in Lake Providence, Louisiana, the company said on Monday.

Myriant is the first bio-based chemicals company to receive funding through the USDA programme. The bio-succinic acid plant is on schedule for completion and start-up in the first quarter of 2013, the company said.

The plant will have a capacity of 30m lb/year (13,608 tonne/year) of bio-succinic acid.

“The project will be the first and only bio-succinic acid plant in the US,” the company said. “Its construction will help revitalise the US manufacturing base, bringing much needed job growth to northeast Louisiana.”

Succinic acid is traditionally produced from petroleum and is used in a wide variety of applications, including the production of polymers, fibres, surfactants, detergents and flavours. The global market for succinic acid is currently estimated at approximately $7.5bn/year, the company said.

“Myriant's proprietary technology platform reduces the environmental impact from petroleum-based chemical manufacturing by making chemicals, such as bio-succinic acid, from renewable, non-food feedstocks,” the company added.

($1 = €0.79)

By: Bobbie Clark
+1 713 525 2653

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