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Quincy
biofuels maker Myriant raises $60M
Mass High Tech
Bio-based chemicals developer Myriant Technologies LLC of Quincy has pulled in a $60 million financing from Thailand-based petrochemical producer PTT Chemical Group. As part of the $60 million funding, the two companies will form a joint venture for the sake of deploying Myriant technology in Southeast Asia.
The company said in a press release that the investment will support commercialization of Myriant’s succinic acid platform, building of its succinic acid plant in Louisiana and development of its bio-related chemicals technology. The plant, to be built in Lake Providence, La., is expected to be the world’s largest bio-based succinic acid production plant, at 30 million pounds, according to a news release from Myriant. The company said that succinic acid is a renewable alternative to petroleum-based chemicals.
In February 2010, Myriant raised $5 million in new funding. The company was spun out of BioEnergy International LLC, also of Quincy, in June of 2009.
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