Enerkem Inc. has completed a $222 million (C$280 million) investment round–its largest to date. In addition to new investors BlackRock and Sinobioway, existing investors also participated in this financing.
"We are very pleased to welcome new investors along with the support of our longstanding existing investors," said Enerkem's President and Chief Executive Officer Vincent Chornet.
“Now that we have launched the world's first commercial-scale bioethanol operation in Edmonton, we can focus our efforts on building a strong circular economy for communities around the world by deploying new facilities that address the growing challenges related to waste management and sustainable mobility," Chornet concluded.
Existing Enerkem investors include Rho Ventures, Braemar Energy Ventures, Waste Management of Canada, Investissement Québec, Fonds de solidarité FTQ, Cycle Capital, Fondaction, The Westly Group, and the National Bank of Canada.
"BlackRock is pleased to join the investment group on behalf of our clients and to help facilitate the launch of innovative waste-to-biofuel facilities worldwide," said David Trucano, Portfolio Manager, BlackRock Global Credit team.
National Bank Financial Inc. and Scotia Capital Inc. served as financial advisors to Enerkem.