Bioamber, a joint venture between DNP Green Technology and ARD, has been awarded the 2009 Frost & Sullivan Technology Innovation Award in the global bio-renewable chemical market for its efforts to commercialize biobased succinic acid. Bioamber has developed and patented a novel green process that promotes the use of renewable feedstocks and minimizes the carbon footprint.
The chemical industry has recognized the potential of bio-renewable chemicals and more particularly the importance of succinic acid as a building block for different specialty and commodity chemicals. Bioamber has a clear competitive advantage in this important market: it is the only company that has successfully produced biobased succinic acid on a large scale, using 80.000 litres fermentations. This has allowed Bioamber to market samples of its biobased succinic acid to all parts of the world and accelerate the development of new applications for succinic acid through collaborations with a number of companies.
Bioamber’s technology was originally developed by the US Department of Energy and provides higher purity and lower cost than the traditional petrochemical route, while at the same time sequestering CO2 gas. Bioamber’s 2,000 metric ton production plant will come on line in 2009 and further strengthen its competitive advantage. The plant will accelerate Bioamber’s efforts to license-out its technology and rapidly gain market dominance. Frost & Sullivan projects that the market for succinic acid will grow at a CAGR of 32% through 2014, and that Bioamber’s technology will capture a 50% market share by 2011.
The Frost & Sullivan Award for Technology Innovation is presented to the company that has demonstrated technological superiority within its industry. This award recognizes the ability of the company to successfully develop and introduce new technology, formulate a well-designed product family and make significant product performance contributions to the industry.
To choose the recipient of the award, the analyst team tracks emerging and existing technologies, as well as R&D developments. This is accomplished through interviews with major market participants and extensive secondary research. Also considered are elements such as product launches and customers, which are ranked for relative position. Frost & Sullivan then presents the award to the company that received the number one industry rank.
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Bioamber, press release, 2009-03-31.