Myriant Technologies receives $50 million for biobased Succinic Acid facility in Louisiana

Myriant Technologies LLCDec 8 2009

Myriant Technologies LLC (as successor to BioEnergy International), a leading biotech developer and manufacturer of renewable biochemicals, has been selected by the U.S. Department of Energy (DOE) to receive up to $50 million for its planned biobased Succinic Acid facility in Louisiana. Notably, among the 19 integrated biorefinery projects that won funding or loan guarantees, Myriant was the only award focused exclusively on biobased chemicals rather than biofuels.

The DOE and other third-party studies have previously identified biobased Succinic Acid as a priority among the top 12 chemicals by market size that can be derived from biomass. Succinic Acid is used in a wide variety of applications including plastics, fibers, polyesters and pigments.

Myriant's production of biobased Succinic Acid will utilize both local sorghum and carbon dioxide (CO2) to displace petroleum-based feedstocks, using less energy than its petroleum alternative. In addition to the energy savings, by consuming CO2 rather than producing it via oil refining methods, Myriant's process dramatically reduces lifecycle greenhouse gas emissions.

"We are grateful for the validation of our technology embodied in the award by the DOE," said Stephen J. Gatto, Chairman and Chief Executive Officer of Myriant. "We applaud their recognition of the importance of biobased chemicals as a leading component of biorefineries. Our Succinic Acid platform provides a "win-win" solution in terms of cost, environmental benefits and reduction in our dependence on imported oil and puts critical jobs to work right here in the United States."

The award will help fund the construction of Myriant's Succinic Acid plant at the Port of Lake Providence, Louisiana. "The Port and the State of Louisiana have been extraordinary partners, and we expect the site, immediately adjacent to the Mississippi River, to be the foundation of a large biotech corridor in Louisiana," added Mr. Gatto. "We're very excited about bringing this technology and over 250 construction and full time operating jobs to the community."

"The Port of Lake Providence is tremendously excited to be working with Myriant on this very important project," added Wyly Gilfoil, Director of the Lake Providence Port Commission. "We're delighted to see the assets of the Port and the region used in this manner to bring much needed high tech industries and jobs to the community."