Canada’s biofuel company, Enerkem, has closed a new round of financing totaling $76.3 million (Canadian). The financing comes from Enerkem's existing investors, as well as a new investor, Suncor Energy Inc.
Emplyees at Alberta Biofuels (Enerkem)
This injection of additional capital will help foster the company's growth by continuing the development of its other projects, including in Varennes, Québec, and Rotterdam, Holland.
Suncor, one of Canada's largest energy companies, is joining Enerkem's shareholders, comprising Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarité FTQ, Investissement Québec, National Bank of Canada, Rho Ventures, Sunkem, the Westly Group and Waste Management of Canada. In addition to its equity interest, Suncor will share technical resources to support acceleration of Enerkem's growth.
Similarly, as part of this financing, the Government of Québec has increased its equity ownership in Enerkem by $13.3 million through the Fonds du développement économique.
"We are now in a period of sustained growth and beginning a landmark phase of our technology's implementation, with the expected launch of our Varennes plant and our Rotterdam project," said Dominique Boies, President and CEO (acting) and Chief Financial Officer, Enerkem.