Montréal-based BioAmber has received an additional $25-million in investment from Tokyo-based Mitsui & Co, its partner in a Sarnia bio-based succinic acid plant. In exchange for an increased stake and 10% of equity, Mitsui will play a stronger role in the commercialization of bio-succinic acid produced in Sarnia, providing dedicated resources alongside BioAmber's commercial team. "Mitsui is continuously committed to renewable chemistry and through our increased equity stake we will be more actively involved in joint venture management and sales, leveraging our global sales platforms," said Hidebumi Kasuga, General Manager, Specialty Chemicals Division, Basic Chemicals Business Unit. "We are very happy with Sarnia's fermentation and plant operations performance to date and the JV has received quality certifications from more than 90 customers. With this progress, I am confident that Sarnia's bio-succinic acid will be penetrating the global marketplace quickly."
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