- Substantial progress was made on construction of the 30,000 metric ton capacity commercial plant in Sarnia, and subsequent to the quarter the Company began commissioning the facility
- The Company added a total of 21 new customers in 2014 and signed two significant take-or-pay agreements, including a 15-year commitment to purchase one third of Sarnia capacity annually
- Net cash used in operating activities for the year ended December 31, 2014 was reduced by 22% to $21.5 million, compared to $27.5 million in the year ended December 31, 2013
“We are on the verge of completing our first commercial succinic acid plant within the original budget estimate, a significant achievement and milestone for our company,” said Jean-François Huc, BioAmber Inc.’s Chief Executive Officer. “We are ready for operations, with steam and electricity supply already hooked up to the plant, tested and live. All plant operators have been hired and trained, and our key long-term supply agreements for sugar, steam and electricity signed. In the coming weeks we will complete construction and in parallel start up the plant and qualify our product with customers, with the goal to be in commercial operation in Q3 2015,” he added.
The entire web version of the press release, with financial statements, is available here:
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