Waste-to-biofuels and chemicals producer Enerkem has announced the completion of a CAN$280 million (€181 million) investment round – the company’s largest to date.
"We are very pleased to welcome new investors along with the support of our longstanding existing investors," said Enerkem's president and CEO, 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."
Sinobioway and BlackRock have signed up as investors in Enerkem, while existing investors also took part in the financing round. Sinobioway is a Chinese industrial group engaged in the bioeconomy, investing in bioenergy among other areas. BlackRock is a global investment management corporation.
"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.