Myriant Technologies LLC Receives $25 Million Award Under USDA’s Business and Industry (B&I) Loan Guarantee Program to Develop Bio-based Chemicals
6/18/2012 10:23:51 AM
QUINCY, Mass.--(BUSINESS WIRE)--Myriant Corporation announced today it closed a $25 million private bond placement for the construction of its flagship commercial bio-succinic acid plant located in Lake Providence, Louisiana. The placement utilized the Business and Industry (“B&I”) Rural Development Loan Guarantee program that is administered by the United States Department of Agriculture (USDA). Myriant’s commercial plant will produce 30 million pounds of bio-succinic acid annually and construction is on-schedule for the planned commercial start-up in the first quarter of 2013. Myriant has signed multi-year, customer contracts for the plant’s expected annual production capacity and is currently planning its 140 million pound expansion in the United States.