"This is a significant milestone for BioAmber Inc., which is poised to begin a period of rapid growth," said Jean-François Huc, Chief Executive Officer. "During the commissioning phase we will test the plant and get it running section by section, produce bio-succinic acid and qualify it with our customers and begin to sell product that meets specifications. We plan to be in full commercial operation in Q3 2015, by which time we can reliably supply customers including our take-or-pay contracts".
The Sarnia plant will be the world's largest succinic acid manufacturing facility, with an annual nameplate capacity of 30,000 metric tons. BioAmber Inc. has signed take-or-pay agreements with Vinmar and PTTMCC (a joint venture between PTT PLC and Mitsubishi Chemical) that represent sales volumes of over 5,000 metric tons in 2015 and 15,000 tons in each of 2016 and 2017. BioAmber Inc. has also signed a number of supply agreements with non-binding volume commitments that collectively exceed the available capacity in the plant.
A further update on the commissioning and start up plan will be provided during the Company's upcoming earnings call scheduled March 12th, 2015 at 16:30 ET.
For the official press release, please click here.