Waste recycling company Enerkem, which is backed by oil group Valero Energy and Waste Management, a US-listed garbage collection company, has raised C$29m ($29.4m), divided equally between equity and debt.
Venture firm Westly Group as well as Fondacion CSN and Quince Associates helped Enerkem, which converts waste to biofuels, to raise the additional funds. The latest funding follows a consortium including Valero and Waste Management, investing C$59m ($60m) in Enerkem. Venture capital firms Rho Ventures, Braemar Energy Ventures and Cycle Capital, all invested in the C$59m round.
In May last year, Canada-based power producer Alberta Energy invested C$3.35m in Enerkem.
Enerkem had previously raised C$53.8m from Waste Management, Rho Ventures, Braemar Energy Ventures, BDR Capital and Cycle Capital.
The round followed $130m in financial support from the US Department of Agriculture and Department of Energy for a plant in Mississippi, America, expected to break ground later this year. Construction is already underway on a similar 36 million litre per year waste-to-biofuels facility in Alberta, Canada, the company’s second commercial facility.