Enerkem Raises C$152.6 Million in Financings
September 9, 2015
For Immediate Release
Funding will be used for product expansion of Edmonton facility and global growth.
MONTREAL (September 9, 2015) Enerkem Inc. (www.enerkem.com), a waste-to-biofuels and chemicals producer, announced today it has raised C$152.6 million and has initiated the production of biomethanol from non-recyclable household garbage at the Enerkem Alberta Biofuels full-scale facility in Edmonton, Canada.
"I must say a huge thank you to our financial partners, employees, as well as the City of Edmonton and Alberta Innovates — Energy and Environment Solutions who believed in us and have accompanied us while we were reaching this pivotal operational milestone," said Vincent Chornet, president and chief executive officer of Enerkem. "We are about to fundamentally transform the waste industry over the coming years and allow energy and chemical groups access to a new and competitive source of renewable carbon."
The financings are comprised of a recently accessed C$29 million debt facility from Integrated Asset Management Corp.'s (IAM) Private Debt Group as well as C$50 million in private placements from current investors and C$73.6 million of debt from two other lenders, closed over the past year. This funding will be used for the product expansion of the Edmonton facility and the company's global growth.
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
Integrated Asset Management Corp. (TSX:IAM) is one of Canada's leading alternative asset management companies, with assets and committed capital under management in private corporate debt, real estate and managed futures. IAM's Private Debt Group is Canada's largest independent provider of investment grade, senior private debt. www.iamgroup.ca
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