Enerkem Raises $37 Million in Financing

Enerkem Raises $37 Million in Financing

Waste Management of Canada and EB Investments add to their stake with the company.

January 28, 2013
REW Staff

Enerkem Inc., a waste-to-biofuels and chemical company, has completed $37 million in financing to allow it to complete the construction of its Enerkem Alberta Biofuels facility in Edmonton, Alberta. When operational, Enerkem says the facility will be one of the first full-scale advanced biofuels facilities in North America. It will use the nonrecyclables and noncompostable wastes generated by the city of Edmonton to produce renewable fuels and chemicals.

“We’re glad to see Waste Management and EB Investments strengthen their relationship with us by increasing their direct investment in the Edmonton facility,” says Vincent Chornet, president and CEO of Enerkem. “This is further validation of Enerkem’s business model and leadership position in the market for waste-to-fuels and chemicals.”

As the company nears completion of the project, the company has begun hiring staff to operate the facility. “With plant commissioning expected to begin this summer, it’s exciting to see the facility’s first employees join the Enerkem team and start their technical training,” says Chornet. “We are impressed by the quality and caliber of the candidates we are attracting as part of our recruitment process.”