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Print Edition StoriesWednesday, February 24, 2010
Myriant draws $5M in debt, options funding
By Mass High Tech staff
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Bio-based chemicals developer Myriant Technologies LLC of Quincy has raised $5 million in new funding according to federal documents. The company was spun out of BioEnergy International LLC, also of Quincy, in June of 2009.
Myriant is working on ways to produce various acids from biomass. The acids would be used in a variety of applications, such as plastics, fibers, polyesters and pigments.
While the filing with the U.S. Securities and Exchange Commission did not disclose specific investors, listed as directors were Michael Iuliano from Camulos BioEnergy Partners LLC of Connecticut, Steven Sisselman from Itera Ethanol LLC of Florida and Kelly Plato of NGP Capital Resources Co. of Houston.
The new money comes in the form of debt and options or warrants for equity in Myriant, the filing states.
In December, Myriant received an award of up to $50 million from the U.S. Department of Energy to help finance a renewable biochemicals facility in Louisiana that would develop bio-based succinic acid. Based in the Port of Lake Providence, the facility would use locally available local sorghum and carbon dioxide.
The company began commercial-scale production of another chemical, D(-) lactic acid, in June 2008 for use in polylactic acid, which is also intended for use in plastics.
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