Enerkem Closes $30.3M Financing

Enerkem, a Montreal, Canada-based company that develops thermo-chemical technology that turns waste into ethanol and other chemicals, has closed a $30.3m financing.

It is comprised of corporate equity (US$15.3m) and corporate debt (US$15m) transactions.

Investors include The Westly GroupFondaction CSN, and Quince Associates, and existing backers Valero Energy Corp., Waste ManagementRho VenturesBraemar Energy Ventures and Cycle Capital, which had each invested in the recently announced US$60m equity funding (read here).

The funds will allow Enerkem to further develop its commercial activities.

Led by President and CEO Vincent Chornet,  Enerkem has developed thermo-chemical technology that converts waste – such as unrecyclable household garbage, demolition debris and used utility poles – into chemical-grade syngas, which is used to create advanced ethanol, bioacetates and other intermediate chemicals that form everyday products.

The company currently operates two facilities in Quebec and in 2010, began construction of a municipal waste-to-biofuels plant in Alberta and expects to develop a similar facility in Mississippi for which it is receiving financial support from the USDA and U.S. DOE.

FinSMEs

29/07/2011

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