Positive first quarter results for BioAmber
May 8, 2014, Minneapolis, Minn. - BioAmber Inc. announced that the Sarnia project is on track and made significant progress with respect to schedule and budget.
May 9, 2014 By Canadian Biomass
May 8, 2014, Minneapolis, Minn. – BioAmber Inc. announced that
the Sarnia project is on track and made significant progress with respect to
schedule and budget.
The announcement came as part of its financial results release
for the first quarter ended March 31, 2014.
BioAmber’s announcement also included news that bio-succinic
acid sales increased by 6% to $351,000 from $331,000 for the same quarter in
2013. Also, subsequent to the quarter, a take-or-pay supply agreement was
signed with PTTMCC Biochem, making BioAmber PTTMCC's principal bio-succinic
acid supplier from 2015 through 2017.
"Our Sarnia plant is advancing well. The costs
committed for equipment and contracted work over the past quarter collectively
came in on budget, and we did not encounter additional scheduling delays,"
said Jean-Francois Huc, BioAmber's Chief Executive Officer. "The signing
of the bio-succinic acid take-or-pay contract with PTTMCC Biochem, a joint
venture between Mitsubishi Chemical and PTT PCL, is an important step in our
efforts to secure sales volume for Sarnia. This contract targets a promising
new bio-plastic application and is further evidence that we offer cost
competitive, quality succinic acid," he added.
Engineering for the plant is over 70% complete, 95% of all
equipment has been ordered and equipment deliveries have begun on site.
There have been no additional delays to the project since
the last earnings call: the schedule trend continues to show project completion
in early 2015 rather than late 2014, due to the previously disclosed 4 to 6
The warehouse and underground utilities are nearing
completion and significant progress has been made on the process and office
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