Myriant Corp., a bio-based chemicals company headquartered in Quincy, said Monday that it has closed a $25 million private bond placement for the construction of its flagship commercial bio-succinic acid plant located in Lake Providence, La.
The placement utilized the Business and Industry Rural Development Loan Guarantee program that is administered by the United States Department of Agriculture, Myriant said in a press release.
The plant is on schedule for commercial start-up in early 2013 and is expected to create 40 to 50 direct jobs.
Succinic acid is traditionally produced from petroleum and is used in a wide variety of applications, including the production of polymers, fibers, surfactants, detergents, and flavors, the company said. The global market for succinic acid is currently estimated at $7.5 billion annually.
The $25 million USDA B&I Loan Guarantee complements a $50 million cooperative agreement that Myriant received from the US Department of Energy and a $10 million grant from the Lake Providence Port Commission and the Louisiana Department of Transportation, the company said.