Enerkem Raises C$50 Million in Latest Financing Round
June 20, 2013
For Immediate Release
Investissement Québec joins as strategic investor
MONTREAL, Quebec (June 20, 2013) Enerkem Inc. (www.enerkem.com), a waste-to-biofuels and renewable chemicals company, announced today the closing of a C$50 million financing, which brings total equity investment raised by Enerkem in 2013 to C$87 million. As part of this financing, institutional fund Investissement Québec joins existing investors Waste Management of Canada, Rho Ventures, Braemar Energy Ventures, The Westly Group, Cycle Capital, Fonds de solidarité FTQ and Fondaction, who each increased their investment in Enerkem with this new equity financing round.
Investissement Québec, as a mandatary for the Government of Québec, is one of the largest institutional investors in Canada. Through structural investments, it supports the growth of innovative companies with a global competitive edge and the potential to accelerate the transition to a green manufacturing economy.
“This strategic investment by Investissement Québec will help us leverage and strengthen our capacity to build and assemble the various modules of our facilities through the network of local and high quality shops we are currently working with”, said Vincent Chornet, president and chief executive officer of Enerkem. “As we are finalizing the construction of the Enerkem Alberta Biofuels facility in Edmonton and developing our next facilities, we take this new corporate equity investment as a vote of confidence in Enerkem’s growth strategy”.
According to Quebec Premier Pauline Marois, “climate change, the dwindling supply of hydrocarbons and other environmental challenges have made it necessary to rethink our very lifestyles, not to mention the way we transport people and goods. By redefining our economic approach and adapting it to 21st-century realities, we can make Quebec one of the greenest and most prosperous regions of the planet. Enerkem is living proof that biofuels can be a wonderful opportunity for economic growth. Enerkem’s projects not only create jobs but also reduce the carbon footprint left by our transport systems, and they can clearly have a beneficial effect on our balance of trade.”
Enerkem has developed and is marketing its breakthrough technology to produce, from non-recyclable waste, circular chemicals and advanced biofuels intended for hard to decarbonize sectors, such as sustainable aviation and marine fuels. Headquartered in Montreal, Quebec (Canada), Enerkem operates a full-scale commercial demonstration plant in Edmonton, Alberta, as well as an innovation centre in Quebec. A large-scale commercial facility is currently under construction in Varennes, Quebec (Canada) which will use Enerkem’s technology. This also applies to agroforestry waste that, like urban waste, can be recycled into new products. Such technology can therefore diversify energy and chemical portfolios, as well as produce greener everyday products. It also provides a smart and sustainable alternative to landfilling and incineration. For more information, visit www.enerkem.com, follow us on Twitter @Enerkem or visit our LinkedIn or Facebook page.
For more information
- Enerkem Media Contact
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to significant global impact. For more information, visit braemarenergy.com or follow @BraemarEnergy on Twitter.