QUINCY, Mass., Jan. 24, 2011 /PRNewswire/ -- Myriant Technologies, Inc. (Myriant), a privately-held, biotech developer and manufacturer of renewable bio-based chemicals, announced today the closing of a $60 million strategic equity investment from PTT Chemical Group (PTT Chemical), Thailand's largest petrochemical producer.
Myriant will utilize the investment for the ongoing development of its bio-based high-value chemicals technology, as well as to help fund the rapid commercialization of its succinic acid platform, including construction of a succinic acid plant in Lake Providence, Louisiana. The investment includes the signing of the Head of Agreement for the establishment of a joint venture between PTT Chemical and Myriant for deploying Myriant's technology in Southeast Asia. By combining PTT Chemical's R&D capabilities and Myriant's sophisticated technology, the joint venture will further drive technologies for the manufacturing of green chemicals using the abundant high quality bio-based feedstock available in Thailand and the Asian region.
"With this investment, PTT Chemical Group supports Myriant's leadership position and proven track record in bringing innovation to the marketplace," said Stephen Gatto, Myriant Chairman and Chief Executive Officer. "We are thrilled to have found a partner that shares our vision of the ever-increasing opportunity represented by bio-based chemicals, and one that provides the desire to deploy this technology on a global scale at an accelerated pace. PTT Chemical's breadth of commercial and technical expertise, coupled with their deep knowledge of critical Asian markets, will propel Myriant to become a global leader in industrial biotechnology."
"PTT Chemical Group invested USD 60 million in Myriant and will further collaborate with them in the research and development for green chemicals," sai
|SOURCE Myriant Technologies, Inc.|
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