Myriant Technologies LLC 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.

The investment aligns Myriant's leading renewable chemical technology with the vast financial and technical resources of PTT. "The investment by PTT Chemical supports the leadership position of Myriant's technical platform," said Stephen Gatto, Myriant Chairman and Chief Executive Officer. "We are thrilled to have found a partner that shares our vision of the enormous opportunity represented by bio-based chemicals, and one that provides the backbone to deploy this technology worldwide at an accelerated pace. PTT Chemical not only has the technical and commercial resources to assist in this effort, but also provides a key understanding of the Asian markets that will be critical to long term success."

"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 and 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.

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PTT Chemical Public Company Limited was founded upon a strong foundation of two of the major players in Thailand's petrochemical and chemical industry sectors – the National Petrochemical Public Company Limited (NPC) and Thai Olefins Public Company Limited (TOC). In line with the policy of the major shareholder, PTT, the merger puts PTT Chemical as the leader of PTT's olefins business to take full advantage of opportunities for future growth with competitiveness enhancement, leading to an improvement of Thai petrochemical industry to reach international standard. 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.

Contact:

Sue Hager SVP, Corporate Communications and Government Affairs
Myriant Corporation
shager@myriant.com
617-657-5222