Enerkem rounds up another $30M in financing
by MBJ Staff
Published: July 31,2011
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.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- UMMC reaching out after death of high school football player
- Thousands of acres of Delta farmland to go on auction block
- Former Godwin CEO Danny Mitchell dies at 66
- Tragedy for Jackson Prep: Football player Walker Wilbanks dies
- Board files suit against VA over release of patients' names
- City trying to determine who has authority to spend gaming money
- Gov. Bryant sets special election date for Senate District 17
- Mississippi sounds coming to Americana Music Festival & Conference
- Northrop Grumman lands $354M Air Force contract for Global Hawks