Enerkem Inc., a Montreal-based waste-to-biofuels and chemicals producer, has completed a C$280 million ($222 million) investment round, which the company calls its largest to date. In addition to adding new investors BlackRock and Sinobioway, existing investors also participated in the financing.
BlackRock is a New York-based investment company with more than $220 billion in assets managed. Sinobioway, based in China, describes itself an investment group focused on supporting companies in the bio-economy.
“We are very pleased to welcome new investors along with the support of our longstanding existing investors,” says Vincent Chornet, Enerkem’s president and CEO. “This new and significant financing will help accelerate our growth and further expand project development and implementation. Now that we have launched the world’s first commercial-scale bioethanol operation in Edmonton, we can focus our efforts on building a strong circular economy for communities around the world by deploying new facilities that address the growing challenges related to waste management and sustainable mobility.”
Existing Enerkem investors include Rho Ventures, Braemar Energy Ventures, Waste Management of Canada, Investissement Québec, Fonds de solidarité FTQ, Cycle Capital, Fondaction, The Westly Group, and the National Bank of Canada.
Enerkem produces biofuels and chemicals from converted waste. Its technology has been designed to convert difficult to recycle, non-compostable municipal solid waste into methanol, ethanol and other chemicals. The company operates a full-scale commercial facility in Edmonton, Alberta, Canada, plus a research center in Quebec.