BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Myriant Technologies LLC Receiving Funds Under $50 Million DOE Award for Succinic Acid Biorefinery Project


4/8/2010 10:44:25 AM

QUINCY, Mass., April 7 /PRNewswire/ -- Myriant Technologies, a leading biotech developer and manufacturer of renewable biochemicals, announced today that it has entered into formal agreements with the Department of Energy (DOE) and has begun to draw funds under 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.

"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 is a sub-recipient under an award made by the DOE to BioEnergy International, LLC.

Contact: Samuel G. McConnell, Sr. Vice President, Corporate Development, 617-657-5207

Photo: http://www.newscom.com/cgi-bin/prnh/20091021/NE96331LOGOMyriant Technologies




Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES