Issue Date: February 27, 2012
Lanxess Invests In Succinic Acid Maker
Biobased succinic acid producer BioAmber has raised $30 million in a third round of venture funding. Current investors including Naxos Capital and Mitsui & Co. contributed $20 million. Specialty chemical firm Lanxess invested $10 million and will receive a seat on BioAmber’s board. Lanxess owns a site in Ontario that will house BioAmber’s first commercial-scale succinic acid plant. In addition, the firms are working to develop plasticizers based on succinic acid. Last November, BioAmber filed for an initial public offering of stock worth up to $150 million.
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