10 Million Dollar Loan For BioAmber

Ag Minister Gerry Ritz Announces BioAmber Loan February 19, 2014 BlackburnNews.com (Photo by Melanie Irwin) Ag Minister Gerry Ritz Announces BioAmber Loan February 19, 2014 BlackburnNews.com (Photo by Melanie Irwin)

Canada’s Agriculture Minister has announced a $10-million loan for construction of BioAmber’s new  $125-million bio-succinic acid facility at the Lanxess site in Sarnia.

Gerry Ritz says the repayable investment, being made through the Federal Government’s Agri-Innovation Program, will in turn support Ontario farmers.

In addition to employment opportunities during the construction and engineering stage, Ritz says 50 permanent positions will be created when the plant starts up in January 2016 and generate a total of 155 jobs by 2019.

BioAmber President and CEO Jean Francois Huc says the loan allows them to overcome a difficult capital hurtle to get the plant built quickly and efficiently .

The plant will use glucose to make things like cosmetics, polymers and auto parts.

The Minister and BioAmbers President were joined by Sarnia-Lambton MP Pat Davidson and executives from Mitsui & Co for the announcement.

 

 

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