Enerkem raises $150 million for Alberta waste-to-biofuel project

By Enerkem Inc. | September 09, 2015

Enerkem Inc., a waste-to-biofuels and chemicals producer, has raised C$152.6 million and has initiated the production of biomethanol from nonrecyclable household garbage at the Enerkem Alberta Biofuels full-scale 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,” 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.