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Myriant Technologies gets US$60 mln investment from PTT Chemical Group

January 27/2011

(Plastemart) -- Biotech developer and manufacturer of renewable bio-based chemicals, Myriant Technologies Inc. has closed a US$60 mln strategic equity investment from PTT Chemical Group (PTT Chemical), Thailand's largest petrochemical producer. 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.


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