Quincy, Massachusetts – April 7, 2010 – Myriant Technologies LLC, a leading biotech developer and manufacturer of renewable biochemicals, announced today that it has begun to draw funds under the Department of Energy's (DOE) $50 million grant for its biobased succinic acid facility in Lake Providence, Louisiana. Design engineering has commenced, aimed at a start of construction by September 2010.
The project, which will also benefit from an additional $10 million via the Lake Providence Port Commission and the Louisiana Department of Transportation, will be the world's largest biobased succinic acid plant, helping to revitalize the U.S. manufacturing base bringing much needed job growth to Northeast Louisiana. Myriant and the Port have previously invested over $13 million in making the site shovel-ready, and Myriant already has plans to expand at this location.
"We at Myriant are thrilled to be moving forward with our Succinic Acid platform. This project unleashes a new era of investment and job creation, here in the United States, by bringing together our core strengths in biotechnology, agriculture and manufacturing," said Stephen J. Gatto, Chairman and Chief Executive Officer of Myriant. "The advent of industrial biotechnology represents an extraordinary opportunity for the United States, and we believe a defining moment in our history."
"Today, ten cents of every U.S. export dollar is derived from chemical sales. In 1998, the U.S. enjoyed a trade surplus of $13.4 billion but by 2008 the sector suffered a trade deficit of -2.7 billion. Over the past ten years, direct employment in the chemical sector has lost over 130,000 jobs, outsourcing them overseas. We believe we can reverse this trend by converting the promise of innovation into reality through grants like the one we are receiving. I applaud the Department of Energy for its leadership and commitment in realizing this vision."
Myriant's production of biobased Succinic Acid will utilize both local sorghum and carbon dioxide (CO2) to displace petroleum-based feedstocks, using less carbon and energy than petroleum-based Succinic Acid. 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.
Myriant is a sub-recipient under an award made by the DOE to BioEnergy International, LLC.
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 manufacturing 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 will next begin commercial production of its second product, biobased succinic acid; samples are currently available by contacting email@example.com. Myriant is headquartered in Quincy, Massachusetts. Further information is available at www.myriant.com.
Sue Hager SVP, Corporate Communications and Government Affairs