Comet signs supply agreement with BioAmber, announces investment
BioAmber Inc.
April 19, 2016
BY Comet Biorefining Inc.
Comet Biorefining Inc. has signed an offtake agreement with bio-succinic acid producer BioAmber for high-purity dextrose from Comet's planned commercial plant in Sarnia, Ontario. The dextrose will be produced from agricultural residues using Comet's innovative technology.
The offtake agreement also includes provisions for Comet to supply dextrose to future BioAmber manufacturing facilities and provides BioAmber with certain exclusive rights in the fields of succinic acid, 1,4-butanediol (BDO) and tetrahydrofuran (THF). BioAmber provided an equity investment in Comet in 2015 and its CEO Jean-Francois Huc is now joining Comet's board of directors.
Advertisement
Advertisement
Comet's technology enables sugars to be produced competitively from biomass versus corn or cane-derived sugars, the benchmark raw materials for today's biochemical production. Comet's facilities can also be built on a smaller scale enabling greater flexibility to locate production closer to biomass supplies and lower a region's greenhouse gas footprint.
The offtake agreement is the culmination of development work performed by Comet and BioAmber as part of BioIndustrial Innovation Canada's recently completed cellulosic sugar study.
Andrew Richard, chairman and founder of Comet Biorefining, said, "Having offtake agreements in place with bioeconomy leaders like BioAmber demonstrates the market's confidence in our technology and products. As a trusted feedstock partner, Comet is helping to build a successful bioeconomy hub in Sarnia, Ontario, close to plentiful biomass. We are extremely pleased to welcome Jean-Francois Huc as a member of our board."
Advertisement
Advertisement
Jean-Francois Huc, BioAmber CEO commented, "We have tested many second generation sugars and Comet offers dextrose that is on par with dextrose from corn, both in terms of quality and price. Comet has proven this by operating a large demonstration plant in Italy, setting them apart from others. Comet has also put together a unique value chain in Southwestern Ontario, bringing together farmers, technology, offtakers and government. We are looking forward to participating in their exciting growth prospects."
Related Stories
The European Commission on July 18 announced its investigation into biodiesel imports from China is now complete and did not confirm the existence of fraud. The commission will take action, however, to address some systemic weaknesses it identified.
Kintetsu World Express Inc. has signed an additional agreement with Hong Kong, China-based Cathay Pacific Airways for the use of sustainable aviation fuel (SAF). The agreement expands a three-year partnership between the two companies.
Broco Energy on July 17 announced a new partnership with the Massachusetts Port Authority (Massport) to deliver and transition Massport's fuel tanks to renewable diesel across its various facilities.
Shell Aviation, Accenture, and Amex GBT on July 10 announced Avelia is in the process of evolving to an industry solution with independent data hosting and a multi-supplier model helping users access the GHG benefits of SAF.
The U.S EPA on July 17 released data showing more than 1.9 billion RINs were generated under the RFS during June, down 11% when compared to the same month of last year. Total RIN generation for the first half of 2025 reached 11.17 billion.
Upcoming Events
