Enerkem secures USD-48m financing for waste-to-biofuels technology

Jun 21, 2013 - Canadian waste-to-biofuels and chemicals company Enerkem Inc said Thursday it had raised CAD 50 million (USD 48m/EUR 36m) to support the development of its waste-to-biofuels production technology.

Th company. which last year shelved its plans for a CAD-137.8-million initial public offering (IPO), said Waste Management of Canada Corp, a unit of US group Waste Management Inc (NYSE:WM), Rho Ventures, Braemar Energy Ventures, The Westly Group, Cycle Capital, Fonds de solidarite FTQ and Fondaction took part in the financing round. All of the companies boosted their shareholding in Enerkem. Investissement Quebec participated as new investor.

Currently, Enerkem is finishing the construction of its Enerkem Alberta Biofuels facility in Edmonton in the Canadian province of Alberta.

In January, Enerkem completed a CAD-37-million financing for the Edmonton biofuels plant, which will produce renewable fuels and chemicals from the city of Edmonton's non-recyclable and non-compostable waste. The system is expected to kick off operations in the summer, Enerkem said previously.

(CAD 1.0 = USD 0.964/EUR 0.729)

Choose your newsletter by Renewables Now. Join for free!