Enerkem raises $152M, begins commercial production at Edmonton plant
September 9, 2015 – Enerkem Inc., a waste-to-biofuels and chemicals producer, announced today it has raised C$152.6 million and has initiated the production of biomethanol from non-recyclable household garbage at the Enerkem Alberta Biofuels full-scale facility in Edmonton, Canada.
September 9, 2015 By Enerkem Inc.
“I must say a huge thank you to our financial partners, employees, as well as the City of Edmonton and Alberta Innovates – Energy and Environment Solutions who believed in us and have accompanied us while we were reaching this pivotal operational milestone,” said Vincent Chornet, president and CEO of Enerkem. “We are about to fundamentally transform the waste industry over the coming years and allow energy and chemical groups access to a new and competitive source of renewable carbon.”
The financings are comprised of a recently accessed C$29 million debt facility from Integrated Asset Management Corp.’s (IAM) Private Debt Group as well as C$50 million in private placements from current investors and C$73.6 million of debt from two other lenders, closed over the past year. This funding will be used for the product expansion of the Edmonton facility and the company’s global growth.
Enerkem makes biofuels and renewable chemicals from waste. With its proprietary technology, Enerkem converts non-recyclable municipal solid waste into methanol, ethanol and other widely used chemical intermediates. Headquartered in Canada, Enerkem owns a full-scale commercial facility in Alberta as well as a demonstration plant and a pilot facility in Quebec. The company is developing additional biorefineries in North America and globally, based on its modular manufacturing approach. Enerkem’s technology and facilities help diversify the energy mix and make everyday products greener while offering a sustainable alternative to landfilling and incineration. www.enerkem.com
Integrated Asset Management Corp. (TSX:IAM) is one of Canada’s leading alternative asset management companies, with assets and committed capital under management in private corporate debt, real estate and managed futures. IAM’s Private Debt Group is Canada’s largest independent provider of investment grade, senior private debt. www.iamgroup.ca
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