Enerkem secures $54 million in new financing
February 25, 2010
By Canadian Biomass
NEWS HIGHLIGHT
Enerkem secures $ 54 million in new financing
The closing of CDN $ 53.8 million in new financing for
advanced biofuel firm Enerkem of Quebec is a positive sign that the industry
continues to grow and develop in Canada, says the Canadian Renewable Fuels
Association.
Feb.
25, 2010, Ottawa – The closing of CDN $53.8 million in new financing for
advanced biofuel firm Enerkem of Quebec is a positive sign that the industry
continues to grow and develop in Canada, says the Canadian Renewable Fuels
Association (CRFA). Enerkem's investors include Rho Ventures, Braemar Energy
Ventures, and BDR Capital, as well as a significant new partner in Waste
Management Inc and Cycle Capital.
"The
investment and the new partnership with Waste Management will help Enerkem to
continue to pioneer advanced biofuels in Canada, including a new state-of-the
art municipal waste-to-ethanol facility in Edmonton," says Gordon
Quaiattini, president of CRFA. "Waste Management's investment is a
validation of Enerkem's technology and Canada's leadership in developing
advanced biofuels."
Enerkem
uses thermo-chemical technology to convert diverse feedstocks, including non-recyclable
municipal solid waste, construction and demolition wood, and agricultural and
forest residues, into renewable transportation fuels and chemicals. Waste
Management is a provider of comprehensive waste and environmental services in
North America.
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