Mitsui & Co makes additional CA$25 million investment in BioAmber Sarnia
Canada-headed bio-succinic acid producer BioAmber Inc., has revealed that its partner in the Sarnia, Ontario bio-based succinic acid plant, Japan-headed industry and trading conglomerate Mitsui & Co. Ltd (Mitsui) is investing an additional CA$25 million in the joint venture for 10 percent of the equity, increasing its stake to 40 percent.
Mitsui is continuously committed to renewable chemistry and through our increased equity stake, we will be more actively involved in joint venture management and sales, leveraging our global sales platforms. We are very happy with Sarnia’s fermentation and plant operations performance to date and the JV has received quality certifications from more than 90 customers. With this progress, I am confident that Sarnia’s bio-succinic acid will be penetrating the global marketplace quickly, said Hidebumi Kasuga, General Manager, Specialty Chemicals Division, Basic Chemicals Business Unit.
According to BioAmber, Mitsui will also play a stronger role in the commercialization of bio-succinic acid produced in Sarnia, providing dedicated resources alongside BioAmber’s commercial team. BioAmber will maintain a 60 percent controlling stake in the joint venture.
Mitsui’s increased commitment to the Sarnia plant is a strong endorsement of its value and potential. We have in Mitsui a financially robust, global partner that is motivated by Sarnia’s progress and prospects. This investment strengthens Sarnia’s balance sheet as we ramp up production and sales, said Jean-Francois Huc, CEO of BioAmber.