QUINCY, Mass., June 16 /PRNewswire/ -- BioEnergy International, LLC (BioEnergy), a privately-held, biotech developer and manufacturer of next-generation, renewable biochemicals and biofuels, announces the formation of Myriant Technologies LLC (Myriant) to incorporate all of its biobased chemicals business and intellectual property. BioEnergy will continue its pursuit of biofuels opportunities, including its 110 million gallon per day ethanol plant in Clearfield, Pennsylvania, currently slated for operation in January. The newly-constituted entities will operate as completely separate companies.
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The move was made pursuant to the company's continuing emergence in the field of biobased chemicals. "It has become clear over time that we've had two distinct companies operating under the same roof, with different technical requirements and serving different markets and customers," said Stephen J. Gatto, Chairman and Chief Executive Officer. "The new alignment will facilitate a clearer understanding and market valuation of each business for both customers and investors alike."
Myriant will encompass the same world-renowned team of molecular biologists, engineers and chemists that successfully developed BioEnergy's D(-) lactic acid, which started production at commercial scale in June 2008 for use in Polylactic Acid (PLA). D(-) lactic acid solves PLA's thermal stability problem, unlocking the vast potential of PLA by expanding its applications to engineering and high performance plastics. "Our unique combination of extraordinary research and development achievement coupled with commercial execution success sets Myriant apart in this field of huge promise," added Mr. Gatto. "With the ongoing rapid commercialization of our biobased Succinic Acid, Myriant will continue to turn the potential for biobased chemicals as an alternative to petroleum into reality."
Headquartered in Quincy, Massachusetts, Myriant also has a fully integrated, state-of-the-art, 18,000 square foot laboratory located in nearby Woburn.
Contact: Samuel G. McConnell, Sr. VP, Corporate Development, (617) 657-5200
CONTACT: Samuel G. McConnell, Sr. VP, Corporate Development of BioEnergy
International, LLC, +1-617-657-5200
