Montreal, Canada – Mitsui is investing a further CDN$25m (EUR15.9m) in the Sarnia biobased succinic acid plant it is a jv partner in with BioAmber.
The deal is for an additional 10% of the equity, increasing Mitsui’s stake from 30% to 40%.
Mitsui will also play a stronger role in the commercialisation of bio-succinic acid produced in Sarnia, providing dedicated resources alongside BioAmber's commercial team, BioAmber said in a press release.
Hidebumi Kasuga, general manager, specialty chemicals division, basic chemicals business unit, said he is “confident Sarnia's bio-succinic acid will be penetrating the global marketplace quickly.”
BioAmber ceo Jean-Francois Huc said the “investment strengthens Sarnia's balance sheet as we ramp up production and sales."
BioAmber maintains a 60% controlling stake in the joint venture.
XE Currency conversion: 12 February, 2016
