BioAmber reports Q4 and full year 2014 financial results
March 13, 2015 – BioAmber Inc., an industrial biotechnology company producing sustainable chemicals including bio-based succinic acid, recently announced its financial results for the fourth quarter and year ended December 31, 2014.
By Andrew Snook
Highlights included substantial progress being made on the construction of its 30,000-metric-ton capacity commercial plant in Sarnia, Ont.; the addition of 21 new customers in 2014 and the signing of 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 per cent 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-Francois Huc, CEO for BioAmber. “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.”
Construction of the Sarnia plant is expected to be complete in two months. The projected final cost of the plant remains within the original budget estimate of $125 million, plus or minus 10 per cent.
BioAmber (NYSE: BIOA) is an industrial biotechnology company producing sustainable chemicals. Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstock into sustainable chemicals for use in a wide variety of everyday products including plastics, resins, food additives and personal care products. For more information visit www.bio-amber.com.