The sugar begins to "caramelize" at higher temperatures, it turns dark and changes the flavor. There isn't much information on the net regarding the use of caramelized sugar in brewing, and much of what is available is contradictory. Some sources indicate that caramelized sugar is less fermentable than table sugar.

Does caramelized honey ferment?

Bochet is burnt-honey mead, a mead made by caramelizing the honey before fermentation. ... Boiling the honey, add water, pitch some yeast, spice if necessary, and drink.

What happens to sugar when it is caramelized?

Caramelization is what happens to pure sugar when it reaches 338° F. A few tablespoons of sugar put in a pan and heated will eventually melt and, at 338° F, start to turn brown. At this temperature, the sugar compounds begin to break down and new compounds form.