April 17, 2019 - Enerkem Inc., a global leader in biofuels production from solid waste, announces the closing of a new round of financing totalling $76.3 million. The financing comes from Enerkem’s existing investors, as well as a new investor, Suncor Energy Inc.
This injection of additional capital will help foster the company’s growth by continuing the development of its other projects, including in Varennes, Que., and Rotterdam, Holland.
Suncor, one of Canada’s largest energy companies, is joining Enerkem’s shareholders, comprising Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarité FTQ, Investissement Québec, National Bank of Canada, Rho Ventures, Sunkem, the Westly Group and Waste Management of Canada. In addition to its equity interest, Suncor will share technical resources to support acceleration of Enerkem’s growth.
Similarly, as part of this financing, the government of Quebec has increased its equity ownership in Enerkem by $13.3 million through the Fonds du développement économique.
“We are now in a period of sustained growth and beginning a landmark phase of our technology’s implementation, with the expected launch of our Varennes plant and our Rotterdam project,” said Dominique Boies, president and CEO (acting) and CFO of Enerkem. “Thanks to a strong core of public and private investors, Enerkem has developed a clean, one-of-a-kind technology for commercial use. We are proud of also having the government of Quebec’s support to be able to pursue our development projects in an emerging and promising sector that is helping to build the new economy.”