Wednesday, 03 February 2016 09:30 AM
Company Update
Moves a step closer to a commercial-scale renewable chemicals manufacturing plant
IRVINE, CA / ACCESSWIRE / February 3, 2016 / Biosynthetic(TM) Technologies, developer of a breakthrough class of renewable chemicals, has received approval from the U.S. Department of Agriculture on its Phase One application under the USDA's Biorefinery, Renewable Chemical, and Biobased Product Manufacturing Assistance Program (the "9003 Program").
USDA Rural Development Under Secretary Lisa Mensah says, "USDA is proud to support innovative biobased projects such as this one, which, when completed, will spur economic development, create new jobs and provide new markets for farm commodities in rural America. This loan commitment is the most recent example of the Obama administration's support in helping grow the bio-based economy and boost the agriculture and manufacturing sectors in America to assist U.S. companies to better compete in a rapidly growing, global, renewable chemicals market."
"This USDA commitment is a great vote of confidence in our technology. We're pleased the 9003 Program was expanded recently to include renewable chemicals, and honored to be the only non-fuel project selected to date," said Allen Barbieri, CEO.
"Biosynthetic Technologies is grateful to the USDA, Congress, and other champions of the Program. We also owe a tremendous debt of gratitude to the United Soybean Board for their financial and technical support. High Oleic Soybeans provide an excellent feedstock that can meet the demands of a four billion gallon motor oil market and we are excited to begin this project," added Barbieri.
Funds will be used to construct a full-scale commercial manufacturing facility able to produce 20 million gallons (67,000 MTs) of Biosynthetic Base Oil annually, representing a tiny fraction of the global lubricant base oil market. To meet this substantial demand, multiple manufacturing facilities in North America and across the globe will eventually be needed.
Biosynthetic Technologies produces high-performance synthetic base oils, the primary ingredient in automotive motor oils and industrial lubricants. According to Greg Blake SVP, "our renewable Biosynthetic Base Oils have proven to outperform petroleum-derived synthetic base oils."
"Biosynthetic Technologies has SAE 5W-20 and 5W-30 motor oil formulations certified with the American Petroleum Institute (API) and the U.S. Government's BioPreferred Program. Adds Blake, "API Certification is based on performance not on composition, and we're excited to offer a product with the best technical and environmental performance."
"We're working with over 80 major lubricant manufacturers to use Biosynthetic Base Oils in a wide range of automotive and industrial lubricants," and according to Bruce Marley SVP of Sales "many are showing particular interest in the demonstrated 3% fuel economy improvement of these motor oil formulations."
While the first commercial plant will produce two distinct biosynthetic chemical products, Biosynthetic Technologies has developed numerous additional bio-based molecule structures that will serve a wide range of industrial sectors as these products are rolled out in the near future.
About Biosynthetic(TM) Technologies
Headquartered in Irvine, CA, Biosynthetic Technologies is commercializing revolutionary patented chemical technologies. In a proprietary catalytic process, the company converts plant-derived fatty acids into Biosynthetic Base Oils, a new class of high-performance synthetic oils that can replace the petroleum-based fluids common in motor oil, industrial lubricants, personal care, and other chemical applications. The company's products are currently made at a fully integrated demonstration-scale manufacturing plant. The company enjoys significant market interest and an impressive patent portfolio. Biosynthetic Technologies is a privately held company funded in part by several large, global companies including BP, Monsanto and Evonik. For more information, visit http://www.biosynthetic.com.
Contact:
Gregory D. Blake
SVP, Public & Government Relations
Biosynthetic Technologies
(949)390-5919
[email protected]
SOURCE: Biosynthetic Technologies