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 commercializes a disruptive technology producing advanced biofuels and renewable chemicals from non-recyclable waste. Headquartered in Montréal, Québec, Canada, Enerkem operates a full-scale commercial facility in Edmonton, Alberta, as well as an innovation centre in Québec. Enerkem’s technology is a prime example of how a true circular economy can be achieved by diversifying the energy mix and by making everyday products greener while offering a smart, sustainable alternative to landfilling and incineration. For more information, visit enerkem.com, follow us on Twitter @Enerkem or consult our LinkedIn or Facebook pages
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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
About Braemar Energy Ventures
Braemar Energy Ventures is a venture capital firm focused on making 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, which can contribute to a more profitable and efficient energy landscape through innovation and marketplace expertise. Additional information is available at braemarenergy.com.
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