Enerkem and Waste Management Announce Strategic Investment

February 24, 2010

For Immediate Release

Waste Management Joins Rho Ventures, Braemar Energy Ventures, BDR Capital and Cycle Capital as Investor in Enerkem.

HOUSTON and MONTREAL (February 24, 2010) — Waste Management, Inc. (NYSE:WM) and Enerkem Inc., today announced a strategic investment by Waste Management in Enerkem, as part of Enerkem's new financing round.

The closing of this new round of financing which generated CDN $53.8 million comes from Enerkem's existing institutional investors, Rho Ventures, Braemar Energy Ventures and BDR Capital as well as from new investors, Waste Management and Cycle Capital. The new funds raised will be used to support Enerkem's growth plan, including initiating the construction of its second waste-to-biofuels plant. Morgan Stanley acted as Enerkem's agent.

Enerkem's proprietary thermo-chemical technology helps convert waste materials into biofuels such as ethanol. Its technology is able to process diverse carbon-based feedstocks, including sorted municipal solid waste, construction and demolition wood, as well as agricultural and forest residues.

"We want to extract more value from the materials we manage than anyone else in our industry through new and emerging processing and conversion technologies," said Tim Cesarek, managing director of Organic Growth at Waste Management. "Combining Waste Management's industry leadership and expertise in the collection and management of a wide range of segmented waste streams with Enerkem's leading clean technology solutions, we are broadening our portfolio of conversion technologies in the waste-to-biofuels market which is key to developing new, higher value added end markets for materials."

"This financing round validates Enerkem's business and advances our path towards leadership in the waste and advanced fuels markets," said Vincent Chornet, President and Chief Executive Officer of Enerkem. "The financial and strategic support of these world-class investors, bringing together our existing investors with Waste Management and Cycle Capital, will accelerate the transformation of the waste-to-biofuels industry that Enerkem is marshalling."

In December 2009, Enerkem was awarded US$50 million in funding by the U.S. Department of Energy for development of its planned Mississippi plant. Its commercial-scale demonstration facility in Westbury, Canada, which was completed in 2009, reached 1,000 hours of operation. The new funds raised will be used to support Enerkem's growth plan, including construction of its second plant, in partnership with the City of Edmonton and Alberta Innovates.

The investment in Enerkem complements Waste Management's comprehensive waste services in the areas of recycling, landfill, waste-to-energy and landfill gas-to-energy. This investment will also help move Waste Management toward meeting three of its sustainability goals: doubling its renewable energy production and tripling the amount of recyclables processed by 2020, and investing in emerging technologies for managing waste.

About Enerkem

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 owns a full-scale commercial facility in Alberta as well as a demonstration plant and a pilot facility in Quebec. The company is developing additional biorefineries in North America and globally, based on its modular manufacturing approach. Enerkem's technology and facilities help diversify the energy mix and make everyday products greener while offering a sustainable alternative to landfilling and incineration.For more information, visit www.enerkem.com.

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General Inquiries
Marie-Hélène Labrie
Vice President, Government Affairs and Communications
Enerkem Inc.
(514) 875-0284, x231
mlabrie@enerkem.com

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Enerkem Media:
Marie-Hélène Labrie
(514) 875-0284, extension 231
mlabrie@enerkem.com

About Waste Management

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management services in North America. Our subsidiaries provide collection, transfer, recycling and resource recovery, and disposal services. We are also a leading developer, operator and owner of waste-to-energy and landfill gas-to-energy facilities in the United States. Our customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more, visit www.wm.com or www.thinkgreen.com.

About Braemar Energy Ventures

Braemar Energy Ventures is a venture capital fund making early- to mid-stage investments in the energy technology sector. The firm's principals have invested in more than 60 companies in the sector and have more than 100 years of combined technical, operational and financial experience in energy and energy-related industries. Braemar partners with exceptional companies and management teams, in both alternative and traditional energy markets, that can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at BraemarEnergy.com or on Twitter at twitter.com/braemarenergy or @BraemarEnergy.

For more information

Alison McIntyre
Prosek Partners
(212) 279-3115 x269
amcintyre@prosek.com