Enerkem Inc., a Montréal-based developer and producer of renewable fuels and chemicals, closed a C$37 million financing for Enerkem Alberta Biofuels LP, the company’s advanced biofuels facility in Edmonton. The investors were Waste Management of Canada Corp. and EB Investments. Since 2002, Enerkem has been backed by Canadian and U.S. venture capital firms, including Braemar Energy Ventures, Cycle Capital Management, Fondaction (CSN), Fonds de solidarité des travailleurs du Québec (FTQ) and Rho Capital Partners.
Key investors raise their participation in Enerkem Alberta Biofuels by C$37 million as facility welcomes first employees
MONTREAL, Canada, January 16, 2013—Enerkem Inc. (www.enerkem.com), a waste-to-biofuels and chemical company, is pleased to welcome the first employees to the Enerkem Alberta Biofuels facility in Edmonton. This facility is currently under construction and will be one of the first full-scale advanced biofuels facilities in North America. It will use the City of Edmonton’s non recyclable and non compostable waste to produce renewable fuels and chemicals, and will create more than 30 permanent jobs, in addition to 200 jobs during construction.
“With plant commissioning expected to begin this summer, it’s exciting to see the facility’s first employees join the Enerkem team and start their technical training”, said Vincent Chornet, president and CEO of Enerkem. “We are impressed by the quality and calibre of the candidates we are attracting as part of our recruitment process.”
Enerkem also announced today that it has closed a C$37 million financing with Waste Management of Canada Corporation, a subsidiary of Waste Management, Inc. (NYSE: WM) and EB Investments for Enerkem Alberta Biofuels L.P.: “We’re glad to see Waste Management and EB Investments strengthen their relationship with us by increasing their direct investment in the Edmonton facility”, added Mr. Chornet. “This is further validation of Enerkem’s business model and leadership position in the market for waste-to-fuels and chemicals.”
Enerkem makes biofuels and renewable chemicals from waste. With its proprietary technology, Enerkem converts non recyclable municipal solid waste into methanol, ethanol and other widely used chemical intermediates. Headquartered in Canada, Enerkem operates both a demonstration plant and a pilot facility in Quebec. Enerkem is currently building a full-scale waste-to-biofuels facility in Edmonton, Alberta, and is developing similar facilities in North America and globally. Enerkem’s technology and facilities help diversify the
energy mix and make greener everyday products while offering an alternative to
For more information about Enerkem Alberta Biofuels:
Source: Marie-Hélène Labrie
Vice President, Government Affairs and Communications
514 875-0284, x. 231
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