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BioAmber Sarnia Lands $10 Million Milestone through Agri-Innovation

BioAmber Sarnia Inc. has secured a $10 million interest free loan from Agriculture and Agri-food Canada for the 30,000 MT succinic acid plant in Sarnia, Ontario, Canada.

February 19, 2014
The loan, secured through the Department’s Agri-Innovation Program, will be reimbursable in equal yearly installments from 2015 to 2024.

Agriculture Minister Gerry Ritz made the announcement before local, provincial and federal government officials as well as senior representatives of Mitsui & Co., BioAmber’s joint-venture partner in the project, at the future plant’s energetic construction site. BioAmber Sarnia Inc. is currently the beneficiary of $35 million in support from various government organizations including Sustainable Development Technology Canada, the Federal Economic Development Agency for Southern Ontario and the Ontario Ministry of Economic Development, Trade and Employment. “BioAmber’s innovative project will help enhance the bottom line of producers by using a corn derivative as agricultural feedstock while generating jobs in the Sarnia area,” said Minister Ritz.

“This is a great example of how government can support Canadian farmers, create jobs and reinvigorate the manufacturing sector, while also making a meaningful contribution to climate change,” said Jean-Francois Huc, BioAmber’s Chief Executive Officer.
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