Enerkem rounds up another $30M in financing

by MBJ Staff

Published: July 31,2011

Tags: biofuel, energy, financing, manufacturing, REFINERY, sustainable energy, waste

CLARKSDALE — Enerkem Inc., a waste-to-biofuels and chemicals company, reports the closing of $30 million in additional financing through corporate equity ($15.3 million) and corporate debt ($15 million) transactions.

As part of the equity financing round, The Westly Group, Fondaction CSN and Quince Associates, L.P. join existing investors Valero Energy Corp., Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital, which had each invested in the recently announced $60 million equity tranche.

“The closing of this financing round brings our total amount raised this year to $90 million, which will allow Enerkem to further develop its commercial activities,” said Vincent Chornet, president and CEO of Enerkem. “This financing along with our full-scale commercial plants underway solidify our company’s leading position in the growing clean transportation fuels and biochemicals market.”

Enerkem develops fuels and chemicals made from garbage instead of oil or other fossil fuels. The company currently operates two facilities in Quebec and in 2010, began construction of a municipal waste-to-biofuels plant in Alberta. This year, Enerkem expects to break ground on a similar facility in Mississippi for which it is receiving financial support from the USDA and U.S. Department of Energy.

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