BioAmber has made another financing announcement Monday for its $125-million bio-succinic acid plant being built in Sarnia.
A news release out of Minneapolis says the company’s Canadian subsidiary has secured a $20-million commercial loan from a consortium led by Export Development Canada including Farm Credit Canada and Comerica Bank.
Montreal-based BioAmber is building a 30,000 tonne capacity plant on the Lanxess site on Vidal St.
When complete early next year the plant will convert Canadian agricultural products like corn into bio-succinic acid that’s used in cosmetics, plastics and other products.
The Sarnia project has received other government support previously including $10-million from Agriculture Canada.
The $20-million dollar loan will be used to complete construction and fund start up and commissioning.
It’s expected 60 permanent positions will be created initially and a total of 155 by 2019.
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