We got some new information today about BioAmber's planned North American succinic acid facility as the company announced the closing of its series B $45m financing.
According to BioAmber CEO Jean-Francois Huc, the company is finalizing its plans for a 20,000 tonne/year (not 200,000!! sorry!) plant and the choice of the site is now down to two candidates. BioAmber expects to start building this year and commission the facility in the first half of 2013.
"This plant will initially produce succinic acid but we have built into our engineering plans future expansion of capacity to also produce butanediol (BDO), tetrahydrofuran (THF), gamma-butyrolactone (GBL) and succinate esters on the site," - Jean-Francois HucThe new plant will be partly funded by the $45m financing, which will also help fund ongoing development work in second generation succinic acid and conversion of succinic acid to BDO using DuPont's technology. BioAmber said it will also build an in-house R&D capabilities to accelerate development of its adipic acid platform.
New investors in the financing include European invesment firm NAXOS Capital Partners and Tokyo-based Mitsui & Co. Also participating in the round were existing investors Sofinnova Partners based in Europe, California-based Mitsui & Co. Venture Partners and the Cliffton Group based in Quebec, Canada.
By the way, BioAmber recently bagged a partnership with Mitsubishi Chemical Corp. (MCC) in a succinic acid supply. You can read all about it in a previous post.
[Photo of BioAmber's succinic acid facility in Pomacle, France]