MONTREAL, Dec. 1, 2015 /PRNewswire/ - BioAmber Inc. (NYSE: BIOA), a leader in renewable materials, today announced that it has joined the American Business Act on Climate Pledge, alongside more than 140 companies from across the American economy that are standing with the Obama Administration to demonstrate an ongoing commitment to climate action and to voice support for a strong outcome to the COP21 Paris climate negotiations.
BioAmber uses biotechnology to convert renewable sugars into succinic acid, a building block chemical used to make a wide range of products including plastics, paints, textiles, synthetic leather, polyesters and personal care products. BioAmber operates the world's largest succinic acid manufacturing facility, a 30,000 metric ton (70 million pound) capacity plant in Sarnia, Canada.
BioAmber's renewable technology is cost competitive with the petroleum-based process for making succinic acid, but is much more sustainable: it virtually eliminates greenhouse gas (GHG) emissions and significantly reduces energy consumption relative to the petrochemical process.
American Business Act on Climate Pledge
BioAmber applauds the growing number of countries that have already set ambitious targets for climate action. In this context, we support the conclusion of a climate change agreement in Paris that takes a strong step forward toward a low-carbon, sustainable future.
We recognize that delaying action on climate change will be costly in economic and human terms, while accelerating the transition to a low-carbon economy will produce multiple benefits with regard to sustainable economic growth, public health, resilience to natural disasters, and the health of the global environment.
Our mission is to produce materials made from renewable resources instead of fossil fuels, offering our customers competitively priced, sustainable building block chemicals that have the cleanest environmental footprint in the industry.
We have made the following pledge to help curb climate change:
- Provide industry with succinic acid manufactured by a process that reduces GHG emissions by over 95% and energy consumption by over 60% relative to the conventional petrochemical manufacturing process.
- Build and operate and additional 160,000 tons (350 million pounds) of renewable chemical manufacturing capacity by 2020 that cuts GHG emissions by 60% and energy consumption by 50% relative to the conventional petrochemical manufacturing process, reducing CO2 equivalent gases by over 650,000 tons per year.
- Reduce the energy intensity at our existing 30,000 ton capacity manufacturing plant by 5% each year, achieving a 25% reduction by 2020.
BioAmber (NYSE: BIOA) is a renewable materials company. Its innovative technology platform combines biotechnology and catalysis to convert renewable feedstock into building block materials that are used in a wide variety of everyday products including plastics, paints, textiles, food additives and personal care products. For more information visit www.bio-amber.com
This press release contains forward-looking statements. All statements other than statements of historical fact in this press release are forward-looking statements. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," "seek," "will," "may" or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond BioAmber's control. BioAmber's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur and the timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, you should not place undue reliance on these forward-looking statements. All such statements speak only as of the date made, and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional disclosure regarding these and other risks faced by BioAmber, see disclosures contained in BioAmber's public filings with the SEC including, the "Risk Factors" section of BioAmber's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q for the Quarter ended September 30, 2015.
SOURCE BioAmber Inc.