LONDON, Ont.—Comet Biorefining Inc. has signed an off-take agreement with bio-succinic acid producer BioAmber for high-purity dextrose from Comet’s planned commercial plant in Sarnia, Ont. The dextrose will be produced from agricultural residues using Comet’s innovative technology.
The off-take agreement includes provisions for Comet to supply dextrose to future BioAmber manufacturing facilities and provides BioAmber with certain exclusive rights covering 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.
Comet’s technology competitively produces sugars 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 off-take agreement is the culmination of development work performed by Comet and BioAmber as part of BioIndustrial Innovation Canada’s recently completed cellulosic sugar study.
“Having off-take agreements in place with bioeconomy leaders like BioAmber demonstrates the market’s confidence in our technology and products,” said Andrew Richard, Chairman and Founder of Comet Biorefining. “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.”
“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,” said Jean-Francois Huc, BioAmber CEO. “Comet has also put together a unique value chain in Southwestern Ontario, bringing together farmers, technology, off-takers and government.”
Comet Biorefining provides cellulosic dextrose technology for applications in renewable biochemicals and biofuels. It operates a demonstration scale plant in Rotondella, Italy and is planning a 60-million-pounds-per-year commercial sugar plant for 2018.
BioAmberis a renewable materials company that converts 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.