MONTREAL - BioAmber Inc. announced operational and financial results for the year ended December 31, 2015. The company reported sales of bio-succinic acid in the fourth quarter of $1.1 million, including initial shipments to PTTMCC Biochem, an important off-taker requiring high-purity succinic acid to make bioplastic.
BioAmberalso reported that over 100 companies tested and qualified the bio-succinic acid produced in Sarnia. After the quarter, Mitsui & Co. invested $CDN25 million in the Sarnia joint venture, increasing its equity stake from 30 percent to 40 percent and committing to play a bigger role in commercialization.