FOR IMMEDIATE RELEASE
MYRIANT TECHNOLOGIES, INC.
ANNOUNCES US$60 MILLION STRATEGIC EQUITY INVESTMENT FROM PTT CHEMICAL GROUP
Quincy, Massachusetts -
January 24, 2022 - Myriant
Technologies, Inc. (Myriant), a privately-held, biotech developer and
manufacturer of renewable bio-based chemicals, announced today the closing of a
$60 million strategic equity investment from PTT Chemical Group (PTT Chemical),
Thailand’s largest petrochemical producer.
Myriant will utilize the
investment for the ongoing development of its bio-based high-value chemicals
technology, as well as to help fund the rapid commercialization of its succinic
acid platform, including construction of a succinic acid plant in Lake
Providence, Louisiana. The investment includes the signing of the Head of
Agreement for the establishment of a joint venture between PTT Chemical and
Myriant for deploying Myriant’s technology in
Southeast Asia. By combining PTT Chemical’s R&D capabilities and Myriant’s sophisticated technology, the joint venture will
further drive technologies for the manufacturing of green chemicals using the
abundant high quality bio-based feedstock available in Thailand and the Asian
region.
“With this investment, PTT
Chemical Group supports Myriant’s leadership position
and proven track record in bringing innovation to the marketplace,” said
Stephen Gatto, Myriant Chairman and Chief Executive Officer. “We are thrilled
to have found a partner that shares our vision of the ever-increasing
opportunity represented by bio-based chemicals, and one that provides the
desire to deploy this technology on a global scale at an accelerated pace. PTT
Chemical’s breadth of commercial and technical expertise, coupled with their
deep knowledge of critical Asian markets, will propel Myriant to become a
global leader in industrial biotechnology.”
“PTT Chemical Group invested
USD 60 million in Myriant and will further collaborate with them in the
research and development for green chemicals” said Mr. Veerasak
Kositpaisal, President &
Chief Executive Officer of PTT Chemical. “These green products will meet the
continuously increasing demand for environmentally friendly products, driven
largely from customers’ awareness; especially in the rapidly growing Asian
markets. The involvement in the succinic acid plant in Louisiana through this
investment in Myriant is the strategic entry point that will not only
accelerate the commercialization of bio-based products but also strengthen our
competitive advantage in bio-based technology.”
In late December, with
Louisiana Governor Bobby Jindal, Myriant announced that it will soon begin
construction on a 30 million pound bio-based succinic acid production plant in
Lake
Providence,
Louisiana that will be the world’s largest. Succinic acid has been recognized
as one of the most promising biochemicals that can be
produced from renewable feedstocks to replace a wide
range of petroleum-based chemicals. Myriant’s
renewable succinic acid offers cost competitive performance, reduced price
volatility and a significantly enhanced environmental footprint as compared to
petroleum-based alternatives.
HSBC was the financial adviser
to PTT Chemical Group for this transaction and Morgan Joseph was the adviser to
Myriant Technologies for this transaction.
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PTT Chemical is a fully-integrated petrochemical and chemical
company, combining visionary leadership and innovation in the chemical
industry. PTT Chemical aspires to develop sustainable growth based on social
benefit and global environmental standards under its vision to be the “Leading
chemical company for better living through innovative technology and people.”
Details are available at www.pttchem.com
With a world-renowned team
of molecular biologists, engineers and chemists, Myriant utilizes
proprietary technology to advance the development of low-cost cellulosic sugars
for the sustainable commercialization of high-value specialty chemicals. The
company’s D(-) lactic acid started production at
commercial scale in June 2008 for use in polylactic
acid. Myriant is headquartered in Quincy, Massachusetts. Details are available
at
www.myriant.com.
Contacts:
Myriant - Samuel G. McConnell, Sr.VP, Corporate Development
Telephone: (617) 657-5207 Email:
smcconnell@myriant.com
PTT Chemical - Nichapa Charuskraisorn, Public
Relations Manager
Email: Nichapa.c@pttchemgroup.com