Enerkem, the Canada-based developer of a process that converts waste to biofuel, secured C$280m ($224m) from investors including waste management services provide Waste Management of Canada and industrial conglomerate Sinobioway yesterday.
Financial services firm National Bank of Canada also took part in the round, along with BlackRock, Rho Ventures, Braemar Energy Ventures, Investissement Québec, Fonds de solidarité FTQ, Cycle Capital, Fondaction and Westly Group.
Enerkem produces biofuels and chemicals such as methanol and ethanol from solid waste using a proprietary system it has developed. It operates out of a commercial facility in the province of Alberta.
Vincent Chornet, president and CEO of Enerkem, said: “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.”
Enerkem has now raised more than $520m in debt and equity financing since it was founded in 2000. Waste Management of Canada first invested as part of a $53.8m round in 2010.
Waste Management returned for a $60m round in 2011 that also featured petroleum refiner Valero Energy, Braemar Energy Ventures, Rho Ventures and Cycle Capital.
Other past Enerkem investors include Atel Ventures, the corporate venturing arm of leasing services provider Atel, as well as BDR Capital, EB Investments and Quince Associates.
– Photo courtesy of Enerkem.