Enerkem raises its largest financing round of C$280 million in new capital
February 6, 2018
For Immediate Release
MONTREAL, Canada – February 6, 2018 — Enerkem Inc. (www.enerkem.com), a world leading waste-to-biofuels and chemicals producer, announced today it has completed a 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. "This new and significant financing will help accelerate our growth and further expand project development and implementation. 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."
"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, which invested in the company's senior notes.
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 a global leading investment management corporation, managing close to six trillion dollars in assets on behalf of investors worldwide. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries.
Sinobioway is a leading Chinese company engaged in the bio-economy. This industrial group, affiliated with Peking University, primarily invests in bio-energy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence.
National Bank Financial Inc. and Scotia Capital Inc. served as financial advisors to Enerkem.
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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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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- Prosek Partners
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