Enerkem, Canada-based waste-to-biofuels producer has raised C$50m ($47.6m) in new equity funding from Investissement Québec, a Government of Quebec public corporation, alongside existing investors Waste Management of Canada (a waste management and environmental services company, which is an affiliate of US-based company Waste Management), Rho Ventures (a venture capital division of private equity firm Rho Capital Partners), and venture capital firms Braemar Energy Ventures, The Westly Group, Cycle Capital, Fonds de solidarité FTQ and Fondaction, who each increased their investment.
Enerken has now raised C$87m ($82.8m) in 2013 and more than C$200m ($190.4m) in total funding. In April 2012, the company stopped plans to float on the Nasdaq and Toronto stock exchanges to raise up to $158.4m.
Additional investors in Enerkem include oil group Valero Energy, ATEL Ventures, which acts as the corporate venturing division for leasing and financing firm ATEL, VC firms BDR Capital, EB Investments and Quince Associates.
Vincent Chornet, president and chief executive officer of Enerkem, said: “As we are finalizing the construction of the Enerkem Alberta Biofuels facility in Edmonton and developing our next facilities, we take this new corporate equity investment as a vote of confidence in Enerkem’s growth strategy.”
Pauline Marois, Quebec premier, said: “Enerkem is living proof that biofuels can be a wonderful opportunity for economic growth. Enerkem’s projects not only create jobs but also reduce the carbon footprint left by our transport systems, and they can clearly have a beneficial effect on our balance of trade.”