Enerkem Inc, a Montréal-based producer of biofuels and renewable chemicals from waste, has struck a $125 million strategic partnership with China’s Sinobioway Group. The deal includes equity funding for Enerkem, future licenses, equipment manufacturing and sales, and a joint venture to construct more than 100 Enerkem biofuel facilities in China by 2035. The company said the partnership will help grow its commercial footprint and help China achieve its climate change goals. Enerkem’s investors include Braemar Energy Ventures, Cycle Capital Management, Fondaction CSN, Fonds de solidarité FTQ, Rho Capital Partners, Waste Management and Westly Group.
Enerkem and Sinobioway Group sign a C$125M agreement to accelerate Enerkem’s global expansion and create a joint venture to build over 100 biofuel facilities in China
BEIJING, China, Jan. 22, 2018 /CNW Telbec/ – Enerkem Inc. (www.enerkem.com), a world leading waste-to-biofuels and renewable chemicals producer, announced today it has signed an agreement with Sinobioway Group worth over C$125M in the form of equity investment in Enerkem Inc., future licenses, equipment manufacturing and sales, as well as for the creation of a major joint venture that will lead the construction of over 100 Enerkem state-of-the-art facilities in China by 2035. The announcement was made in the presence of the Premier of Quebec, Philippe Couillard, during his China trade mission.
Sinobioway, a flagship conglomerate in China’s bio-industry, will help accelerate Enerkem’s global growth by opening the Chinese market to Enerkem’s pioneering waste-to-biofuels technology. This joint venture will spearhead the development of a clean economy, reducing air pollution by producing renewable fuels from non-recyclable garbage.
“Our breakthrough clean technology produces a much needed low-carbon transportation fuel and sustainable waste management solution to help China achieve its climate change objectives,” said Vincent Chornet, President and CEO of Enerkem. “We are proud to collaborate with a leading Chinese bio-industrial partner to expand our commercial footprint.”
“We are excited to partner with a leading Canadian cleantech company to help meet our country’s commitment to reducing greenhouse gas emissions and move towards renewable energy,” said Dr. Aihua Pan, Sinobioway’s Chairman.
Sinobioway is a leading Chinese company engaged in the bio-economy. This group primarily invests in bio-energy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence areas. With 4,000 employees, it is one of the three main industrial groups affiliated with Peking University. The company was founded in 1992 and is based in Beijing, China.
Enerkem produces biofuels and renewable chemicals from waste. Its disruptive proprietary technology converts non-recyclable, non-compostable municipal solid waste into methanol, ethanol and other widely-used chemical intermediates. Headquartered in Montreal (QC), Canada, Enerkem operates a full-scale commercial facility in Alberta as well as an innovation centre in Quebec. Enerkem’s facilities are built as prefabricated systems based on the company’s modular manufacturing infrastructure that can be deployed globally. Enerkem’s technology helps diversify the energy mix and make everyday products greener while offering a smart, sustainable alternative to landfilling and incineration.
For further information: Media Relations : Pierre Boisseau, Senior Director, Communications and Marketing, Enerkem inc., 514 875-0284, firstname.lastname@example.org
Photo courtesy of Enerkem Inc