The Canadian subsidiary of U.S.-based biotechnology company BioAmber Inc. has secured a $20 million commercial loan to build Canada’s first bio-based chemical plant.
According to Minnesota-based BioAmber Inc., its Canadian subsidiary, BioAmber Sarnia Inc., landed the loan from a consortium of lenders, including Export Development Canada (EDC), Farm Credit Canada (FCC) and Comerica, Inc.
The plant is scheduled for completion in early 2015, and will be the world’s largest bio-based succinic acid production facility, BioAmber said in a statement, with an annual capacity of 30,000 tonnes.
The company estimates more than 90 per cent of the 30,000 tonnes of the biochemical produced at the plant will be exported.
Produced using corn-derived feedstock, succinic acid is used to manufacture plastics, resins, de-icers, pharmaceuticals, solvents, food additives, and personal care products.
BioAmber projects that over 90 per cent of the 30,000 tonne annual capacity will be exported.