28 June 2013
Enerkem Obtains $50 Million in Funding
Enerkem, a Sherbrooke company, has announced that it secured $50 million in funding that will enable it to launch the large-scale commercial deployment phase of its innovative technology, which converts non-recyclable residual materials into methanol and ethanol.
Québec and North American investors took part in this round of funding: Investissement Québec, Cycle Capital, Fonds de solidarité FTQ, Fondaction, Waste Management of Canada, Rho Ventures, Braemar Energy Ventures and The Westly Group.
The Québec government, through Investissement Québec, is contributing $20 million in the form of share capital ownership of Enerkem.
This is the second round of funding completed by Enerkem since the beginning of 2013. In January, the company secured $37 million to finance the construction of a plant in Edmonton, Alberta. As part of this project, more than $29 million in contracts is being awarded to Québec industrial suppliers. Identical plants are being developed in Varennes, Québec, and North America.
Enerkem owns a research centre and a pilot plant in Sherbrooke, as well as a demonstration plant in Westbury, Estrie.
Enerkem has developed an exclusive technology that enables it to create biofuels and green products from residual materials.
Sources: Enerkem, Gouvernement of Québec and La Presse AffairesBack to the news