Navigation Links
Myriant Technologies, Inc. Announces US$60 Million Strategic Equity Investment From PTT Chemical Group
Date:1/24/2011

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.  

(Logo: http://photos.prnewswire.com/prnh/20091021/NE96331LOGO)

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," said Mr. Veerasak Kositpaisal, President & Chief Executive Officer of PTT Chemical.  "These green products will meet the continuously increasing demand for environmentally friendly products, driven largely from customers' awareness; especially in the rapidly growing Asian markets.  The involvement in the succinic acid plant in Louisiana through this investment in Myriant is the strategic entry point that will not only accelerate the commercialization of bio-based products but also strengthen our competitive advantage in bio-based technology."

In late December, with Louisiana Governor Bobby Jindal, Myriant announced that it will soon begin construction on a 30 million pound bio-based succinic acid production plant in Lake Providence, Louisiana that will be the world's largest.  Succinic acid has been recognized as one of the most promising biochemicals that can be produced from renewable feedstocks to replace a wide range of petroleum-based chemicals.  Myriant's renewable succinic acid offers cost competitive performance, reduced price volatility and a significantly enhanced environmental footprint as compared to petroleum-based alternatives.

HSBC was the financial adviser to PTT Chemical Group for this transaction and Morgan Joseph was the adviser to Myriant Technologies for this transaction.

PTT Chemical is a fully-integrated petrochemical and chemical company, combining visionary leadership and innovation in the chemical industry. PTT Chemical aspires to develop sustainable growth based on social benefit and global environmental standards under its vision to be the "Leading chemical company for better living through innovative technology and people." Details are available at www.pttchem.com.

With a world-renowned team of molecular biologists, engineers and chemists, Myriant utilizes proprietary technology to advance the development of low-cost cellulosic sugars for the sustainable commercialization of high-value specialty chemicals.  The company's D(-) lactic acid started production at commercial scale in June 2008 for use in polylactic acid. Myriant is headquartered in Quincy, Massachusetts. Details are available at www.myriant.com.Contacts:Myriant - Samuel G. McConnell, Sr.VP, Corporate Development Telephone:  (617) 657-5207  Email: smcconnell@myriant.comPTT Chemical – Nichapa Charuskraisorn,  Public Relations ManagerEmail:  Nichapa.c@pttchemgroup.com
'/>"/>

SOURCE Myriant Technologies, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related biology technology :

1. Gov. Jindal Announces Myriant Technologies to Begin Construction of New, Sustainable Specialty Chemical Plant in Lake Providence
2. Myriant Technologies LLC Selected for $50 Million Award for Succinic Acid Biorefinery Project
3. Myriant Technologies LLC, Uhde Corporation of America and Uhde GmbH Announce Alliance for Engineering, Procurement & Construction of World Scale Renewable Succinic Acid Plants
4. Myriant Technologies LLC Announces Appointment of Science Advisory Board Members
5. BioEnergy International, LLC Announces Formation of Myriant Technologies LLC
6. Reportlinker Adds Gene Therapy - technologies, markets and companies
7. Reportlinker Adds Molecular Diagnostics - Technologies, Markets and Companies
8. Mind Technologies, Inc. to Begin Selling EEG Headset
9. Palatin Technologies, Inc. Reports First Quarter Fiscal Year 2011 Results; Teleconference and Webcast to be held on November 16, 2010
10. Palatin Technologies, Inc. to Report Fiscal Year 2011 First Quarter Results; Teleconference and Webcast to be Held on November 16, 2010
11. Reportlinker Adds Biomarkers - Technologies, Markets And Companies
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/24/2017)... ... February 24, 2017 , ... A study ... completed in an ambulatory surgery center (ASC) with satisfactory clinical and patient-reported outcomes, ... TDR studies. , Jake Lubinski, president of AxioMed, commented on the recent ...
(Date:2/24/2017)... , Feb. 24, 2017 Provectus Biopharmaceuticals, ... the "Company"), a clinical-stage oncology and dermatology biopharmaceutical ... deadline to participate in its previously announced rights ... of shares of common stock and Series C ... of listed warrants. As previously ...
(Date:2/24/2017)... N.J. , Feb. 24, 2017  Driven ... and biotechnology are now the fastest growing categories, ... Specialty Actives in Personal Care: Multi-regional Market ... research and management consulting firm Kline. ... bioprocesses that make them more effective for skin ...
(Date:2/24/2017)... Biologic Products, Inc. (NASDAQ: CBPO) ("China Biologic" or the "Company"), ... announced its financial results for the fourth quarter and fiscal ... Highlights Total sales in the fourth ... increased by 13.6% in USD terms to $77.6 million from ... Gross profit increased by 13.3% to $46.8 million from ...
Breaking Biology Technology:
(Date:2/2/2017)... Feb. 2, 2017  EyeLock LLC, a market leader ... white paper " What You Should Know About Biometrics ... ensuring user authenticity is a growing concern. In traditional ... users. However, traditional authentication schemes such as username/password suffer ... Biometric authentication offers an elegant solution to the problem ...
(Date:1/31/2017)... CAMBRIDGE, Mass. , Jan. 31, 2017 /PRNewswire-USNewswire/ ... develop novel therapies for the treatment of bacterial ... generation set of antibacterial candidates from Pro Bono ... the increased prevalence of multi-drug resistant forms of ... by Cantab Anti Infectives Ltd, a PBB group ...
(Date:1/26/2017)...  Acuity Market Intelligence today released the 2017 ...  Acuity characterizes 2017 as a "breakout" year for ... a new understanding of the potential benefits these ... identity are often perceived as threats to privacy ... of Acuity Market intelligence. "However, taken together these ...
Breaking Biology News(10 mins):