Myriant Technologies LLC will invest $80 million into developing the world’s largest bio-based succinic acid plant. The 392,000-square-foot project will be built in Lake Providence, La.
Myriant, based in Quincy, Mass., will create 176 new direct and indirect jobs in northeast Louisiana. Construction will get under way in early 2011 on the 18-month project.
“This project puts Louisiana at the forefront of innovation to reduce our dependence on foreign oil,” said U.S. Department of Energy Secretary Steven Chu. The federal agency and Louisiana Department of Transportation and Development are funding the project as is the Louisiana Economic Development, which will provide turnkey workforce solutions, a five percent to six percent rebate on payroll expenses and sales tax and property tax rebates.
When the plant comes on line, it will use sorghum and carbon dioxide to produce up to 30 million pounds per year of succinic acid, which traditionally is produced from petroleum-based feedstocks and used in a wide variety of applications, including the production of polymers, fibers, surfactants, detergents and flavors. Bio-based succinic acid can be directly substituted for the petroleum-based version to provide a renewable bio-based industrial chemical building block and reduce U.S. dependence on imported oil while reducing greenhouse gas emissions.
The port of Lake Providence was selected for its combination of rail, highway and barge access as well as the state incentives, according to a press release.
Source: bostonrealstate citibizlist.com, 2011-01-02.