BioAmber Achieves Milestone in U.S. DOE Loan Guarantee Process
MINNEAPOLIS - BioAmber Inc. has achieved an important milestone in its application for a $360 million loan guarantee from the U.S. Department of Energy (U.S. DOE). This loan guarantee is in connection with the company’s goal of securing non-dilutive funding for its proposed second manufacturing facility, which would be located in the United States.
The U.S. DOE’s Loan Program Office (LPO) administers a four-phase process under the Title XVII Innovative Clean Energy Projects loan guarantee program. This program finances innovative renewable energy and efficient energy projects. BioAmber successfully completed the first two phases of the process and was selected for the next phase in which it will engage the LPO in the negotiation of terms and conditions of the potential loan guarantee, and work with the LPO to validate the engineering, environmental, market and financial information that BioAmber submitted in the previous phases.