Minneapolis, Minnesota – BioAmber’s executive vice president announced the company had agreed a take-off deal for sugar-based polyols worth $4bn (EUR2.9bn) over its full life cycle.
The 15-year take-off agreement was struck with an un-identified customer.
BioAmber’s executive vp Michael Hartmann outlined the company’s plans to news provider TheStreet.com, indicating that BioAmber would become profitable in 2015.
He said the company’s first North America-based plant for sugar-based polyols – a $125m plant in Ontario, Canada - was expected to go online in 2015, as previously reported at Utech-polyurethane.com.
“The second plant – which will be four or five times the size of the original - will be operational at the end of 2017.
Hartmann said the firm’s high-fructose corn polyols would likely disrupt the industry, due to their significantly reduced cost.
He said: “Sugar and corn prices are important to us but not anywhere near the extent that oil would be to chemical companies.
“Our corn is about a third of our variable costs,” he added.
XE Currency conversion: 30 May, 2014
