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

Published: Apr 08, 2010

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

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