Enerkem, a Quebec, Canada-based business specializing in converting waste into clean fuel, has received an additional investment.
Investors include returning backer Cycle Capital Management, which invested $3.5m via Cycle Capital Fund I, L.P., and Valero Energy Corp., an international manufacturer and marketer of transportation fuels, other petrochemical products and power.
With this investments Enerkem closed a US$60m round. the company had raised €53.8m in February 2011 (read the news)
Led by CEO and president Vincent Chornet, Enerkem uses waste materials, such as unrecyclable household garbage, demolition debris and used utility poles to create advanced ethanol, acetates and other useful clean chemicals.
The company currently operates two facilities in Quebec and in 2010 began construction of a municipal waste-to-biofuels plant in Alberta. In 2011, it expects to start building a similar facility in Mississippi.