April 17 (Renewables Now) - Canadian waste-to-biofuels company Enerkem Inc said on Tuesday it has raised CAD 76.3 million (USD 57.2m/EUR 50.6m) in a new financing round from existing and new investors.
The financing round attracted Canada’s Suncor Energy Inc (TSE:SU), involved in the production of synthetic crude, as a new investor. As part of the funding initiative, the government of Quebec has increased in equity ownership by CAD 13.3 million, Enerkem said.
The fresh funds are expected to help Enerkem accelerate its growth by supporting project development, including in projects in Quebec, and Rotterdam, in the Netherlands. Apart from the financial boost, the Canadian firm will get technical resources from Suncor that will further back its expansion.
Enerkem’s technology turns non-recyclable, non-compostable municipal solid waste into methanol, ethanol and other chemicals. It launched the world's first commercial-scale bioethanol operation in Edmonton, Alberta, and is now working to deploy more facilities.
Among Enerkem’s existing investors are Rho Ventures, Waste Management of Canada, BlackRock Inc (NYSE:BLK), National Bank of Canada, Investissement Quebec, The Westly Group and Sunkem.
(CAD 1.0 = USD 0.750/EUR 0.663)