QUINCY, Mass., May 16, 2013 (GLOBE NEWSWIRE) -- Myriant Corporation, a global renewable chemicals company, today announced that Red Herring has named it a finalist for a Top 100 North America award, a prestigious honor that recognizes the year's most promising private technology ventures in North America.
"Myriant is truly honored to be selected as a Red Herring Top 100 finalist," said Stephen J. Gatto, Chairman and CEO of Myriant. "For Myriant, this prestigious recognition accompanies the most significant advancement in our corporate growth as our organization transitions from innovation to commercial execution. In 2013, Myriant is poised to become the first company in North America to successfully commercialize bio-succinic acid, a renewable chemical intermediate with a global market opportunity in excess of $7 billion. We're proud to be executing against our planned business strategy, to deliver stable and consistent bio-chemical alternatives to petroleum-derived chemicals, and, to be at the forefront of the burgeoning bio-economy."
Red Herring has been selecting the most exciting and promising start-ups and "scale ups" since 1995. The organization's unique assessment of potential is complemented by a review of the company's actual track record and standing, which allows Red Herring to see past the "buzz" and make the list a valuable instrument for discovering and advocating the greatest business opportunities in the industry.
2013 will be remembered as a special vintage. "The finalists list confirms the excellent choices made by entrepreneurs and VCs and the start-ups' solid roots in corporate America, embracing their innovations. By all metrics, it emphasizes the United States' entrepreneurial excellence," said Alex Vieux, publisher and CEO of Red Herring.
Finalist selections for the 2013 edition of the Red Herring 100 North America award are based upon technological innovation, management strength, market size, investor record, customer acquisition and financial health. During the several months leading up to the announcement, hundreds of companies completed submissions to qualify for the award.
Myriant will present its winning strategy at the Red Herring North America Forum, taking place in Monterey, Calif. May 21-23. Red Herring will announce the Top 100 winners at a special awards ceremony taking place the evening of May 23.
About Myriant Corporation
Myriant utilizes its proprietary technology platform to develop innovative, performance-based, renewable chemicals utilizing low-cost sugars. In December, 2010, Myriant broke ground on its flagship 30 million pound commercial bio-succinic acid facility in Lake Providence, Louisiana, and anticipates beginning commercial production in early 2013. The company's D(-) lactic acid started production at commercial scale in June, 2008, for use in polylactic acid. Myriant has agreements with ThyssenKrupp Uhde GmbH for engineering and Davy Process Technology for the integration of Myriant's bio-succinic acid process with the Davy butanediol process for the production of bio-based butanediol. Myriant is headquartered in Quincy, Massachusetts. Details are available at www.myriant.com.