Waste-to-biofuels and chemicals producer Enerkem has announced the closing of a CAD$50 million (€34.2 million) equity investment from Suncor Energy.
Canadian energy company Suncor initiated its investment in Enerkem in April this year, as part of a CAD$76.3 million (€52.2 million) equity financing alongside Enerkem’s existing shareholders. With this new investment, Suncor has become a significant strategic shareholder of the biofuels company.
Suncor will additionally provide technical resources to support the operations of Enerkem’s Alberta Biofuels (EAB) plant, which is located in Edmonton in the Canadian province of Alberta. EAB is the first commercial-scale plant in the world to turn non-recyclable, non-compostable mixed municipal solid waste into cellulosic ethanol.
“Through this additional investment, the confidence Suncor is showing us sends a clear signal that they strongly support and believe in the Enerkem technology, confirming our leadership in the advanced biofuels market,” said Dominique Boies, CEO and CFO of Enerkem. “We are pleased to partner with a leading Canadian player in the energy industry and to benefit not only from their financial support but also from their profound operational, technical and engineering expertise.”
“This investment complements Suncor’s existing biofuels business, demonstrates our commitment to deliver low-carbon fuels to Canadian drivers and is another tangible example of the work we’re doing to help lower emissions and transform the energy system,” added Mark Little, president and CEO of Suncor. “Together with other investments in clean technology, our relationship with Enerkem helps position Suncor to be a leader in the developing low-carbon economy.”
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