Enerkem raises CAD152.6m in financing

Enerkem raises CAD152.6m in financing

Enerkem, a Canadian waste-to-biofuels and chemicals producer, has raised CAD152.6 million (€103.7 million) in financing.

Simultaneously, the company announced it has initiated the production of biomethanol from non-recyclable household garbage at the Enerkem Alberta Biofuels facility in Edmonton, Canada.

‘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,’ says 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 CAD29 million debt facility from Integrated Asset Management’s (IAM) Private Debt Group as well as CAD50 million in private placements from current investors and CAD73.6 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.

With its proprietary technology, Enerkem converts non-recyclable municipal solid waste into methanol, ethanol, and other widely used chemical intermediates.

Biofuels Plantation Services International

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