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BioAmber secures loan for Sarnia succinic acid plant

February 20, 2014, Sarnia, Ont. - BioAmber Inc. announced that its subsidiary BioAmber Sarnia Inc. has secured a $10 million interest free loan from Agriculture Canada for the 30,000 MT succinic acid plant currently under construction in Sarnia, Ontario.


February 20, 2014
By Canadian Biomass

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February 20, 2014, Sarnia, Ont. – BioAmber Inc. announced
that its subsidiary BioAmber Sarnia Inc. has secured a $10 million interest
free loan from Agriculture Canada for the 30,000 MT succinic acid plant
currently under construction in Sarnia, Ontario. The loan, which was secured
through the Department's Agri-Innovation Program, will be reimbursable in equal
yearly installments from 2015 to 2024.

 

BioAmber Sarnia had previously received $35 million in
support from government organizations including Sustainable Development
Technology Canada, the Federal Economic Development Agency for Southern Ontario
and the Ontario Ministry of Economic Development, Trade and Employment.

 

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"We are very appreciative of the support that the
Agri-Innovation Program has provided to our Sarnia plant," said
Jean-Francois Huc, BioAmber's Chief Executive Officer. "This is a great
example of how government can support Canadian farmers, create jobs and
reinvigorate the manufacturing sector, while also making a meaningful
contribution to climate change," he added.

 

"We are actively negotiating additional loans for
Sarnia that will further ease the investment burden for BioAmber, which is an
early stage company. Our goal is to get Sarnia operational in early 2015 and
these loans will help ensure that we have the capital needed to ramp up
production and become a profitable company," added Mike Hartmann,
BioAmber's Executive Vice President.


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