BioAmber announced that it closed on a $25 million, three-year term loan with Hercules Capital.
The $25 million debt facility is in addition to the $71.9 million of net proceeds that BioAmber received in connection with its initial public offering in May 2013.
“This debt financing helps ensure we have the capital needed to construct and start up our planned 30,000 metric ton bio-succinic acid facility in Sarnia, Ontario,” said Andrew Ashworth, CFO.
BioAmber is a sustainable chemicals company. Its proprietary technology platform combines industrial biotechnology and chemical catalysis to convert renewable feedstock into chemicals for use in a wide variety of everyday products including plastics, resins, food additives and personal care products.