Enerkem raises $ 59 million in financing round

Enerkem raises $ 59 million in financing round

1:15 PM, 2nd June 2011
Enerkem raises $ 59 million in financing round
Vincent Chornet, President and CEO, Enerkem.

 

Valero Energy has joined as strategic investor in the firm. Also Waste Management has increased its investment.

 

MONTREAL, CANADA: Enerkem Inc, a waste-to-biofuels and chemicals company, has closed C$ 59 million in financing. As part of this financing, Valero Energy Corp joins existing investors Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital, who have each invested in the new equity round. Valero and Enerkem have also agreed to jointly consider commercial opportunities.

 

“With Valero joining Waste Management as a strategic investor, Enerkem becomes one of the few renewable products companies aligned with industry leaders from both upstream and downstream parts of the business. We are uniquely positioned to meet demand for clean transportation fuels and biochemicals,” said Vincent Chornet, President and CEO, Enerkem.

 

Enerkem’s financing round, will support the company’s large roll-out of current and future planned projects. It comes on the heels of $ 130 million in financial support from the US Department of Agriculture (USDA) and Department of Energy (DOE) for a plant in Pontotoc, Mississippi, expected to break ground later this year. Construction is already underway on a similar 36 million litre per year waste-to-biofuels facility in Edmonton, Alberta, the company’s second commercial facility.

© WOC News

 

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