Enerkem receives cash infusion

Photo: Merle Prosofsky, CNW Group/Enerkem Inc.

Montreal-based Enerkem Inc., reports that it has raised C$152.6 million in financing and has initiated the production of biomethanol from nonrecyclable household waste at the Enerkem Alberta Biofuels full-scale facility in Edmonton, Canada.

“I must say a huge thank you to our financial partners, employees, as well as the City of Edmonton and Alberta Innovates—Energy and Environment Solutions who believed in us and have accompanied us while we were reaching this pivotal operational milestone,” says Vincent Chornet, president and chief executive officer of Enerkem. “We are about to fundamentally transform the waste industry over the coming years and allow energy and chemical groups access to a new and competitive source of renewable carbon.”

The company says the financing comprises C$29 million from Integrated Asset Management Corp.’s (IAM) Private Debt Group as well as C$50 million from current investors and C$73.6 million of debt from two other lenders. The company says the funding will be used for product expansion at the Edmonton facility and the company’s global growth.