Enerkem raises $14.6 million to finance waste-to-bio-fuels facility in Edmonton, Alberta
Enerkem Inc., a waste-to-bio-fuels and chemicals company, announced that Waste Management and EB Investments are investing $14.6 million for a minority equity interest in Enerkem Alberta Bio-fuels L.P.
The company is currently building a full-scale commercial facility in Edmonton, using Enerkem’s proprietary technology.
Total financing raised by Enerkem in 2011, both at the corporate and project subsidiary levels, now amounts to $99.5 million.
“We are glad to see our business model and exclusive technology being increasingly backed by equity investors. We are even more encouraged when these investors tell us they want to take part directly in our projects,” said Vincent Chornet, President and CEO of Enerkem. “To us, this is further validation of Enerkem’s sound strategy and strong position in the cellulosic ethanol sector.”
The Enerkem Alberta Biofuels facility will use the City of Edmonton’s landfill-bound waste to create renewable fuels and chemicals locally. Construction of this commercial plant is well underway, which places it among the first full-scale advanced biofuels facilities to be built in North America.
The project equity financing by Waste Management and EB Investments supplements Enerkem’s equity position in the project, along with the $22.5 million in financial support from the project partners, namely Alberta Innovates – Energy and Environment Solutions, the City of Edmonton and Alberta Energy.
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