BioAmber Inc. has signed a non-binding letter of intent with CJ CheilJedang Corporation. Under the terms of the agreement, BioAmber and CJCJ plan to establish a joint venture in China to produce up to 36,000 metric tons of bio-succinic acid annually and commercialize the output in Asia. The goal is to competitively produce bio-succinic acid in China and quickly penetrate the succinic acid market. This can be achieved rapidly, cost effectively and with limited capital investment by retrofitting an existing CJCJ fermentation facility with BioAmber's succinic acid technology.