Enerkem raises its largest financing round of C$280 million in new capital
February 6, 2018
For Immediate Release
MONTREAL, Canada – February 6, 2018 — Enerkem Inc. (www.enerkem.com), a world leading waste-to-biofuels and chemicals producer, announced today it has completed a C$280 million investment round–its largest to date. In addition to new investors BlackRock and Sinobioway, existing investors also participated in this financing.
"We are very pleased to welcome new investors along with the support of our longstanding existing investors," said Enerkem's President and Chief Executive Officer Vincent Chornet. "This new and significant financing will help accelerate our growth and further expand project development and implementation. Now that we have launched the world's first commercial-scale bioethanol operation in Edmonton, we can focus our efforts on building a strong circular economy for communities around the world by deploying new facilities that address the growing challenges related to waste management and sustainable mobility."
"BlackRock is pleased to join the investment group on behalf of our clients and to help facilitate the launch of innovative waste-to-biofuel facilities worldwide," said David Trucano, Portfolio Manager, BlackRock Global Credit team, which invested in the company's senior notes.
Existing Enerkem investors include Rho Ventures, Braemar Energy Ventures, Waste Management of Canada, Investissement Québec, Fonds de solidarité FTQ, Cycle Capital, Fondaction, The Westly Group, and the National Bank of Canada.
BlackRock is a global leading investment management corporation, managing close to six trillion dollars in assets on behalf of investors worldwide. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries.
Sinobioway is a leading Chinese company engaged in the bio-economy. This industrial group, affiliated with Peking University, primarily invests in bio-energy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence.
National Bank Financial Inc. and Scotia Capital Inc. served as financial advisors to Enerkem.
About Enerkem
Enerkem has developed and is marketing its breakthrough technology to produce, from non-recyclable waste, circular chemicals and advanced biofuels intended for hard to decarbonize sectors, such as sustainable aviation and marine fuels. Headquartered in Montreal, Quebec (Canada), Enerkem operates a full-scale commercial demonstration plant in Edmonton, Alberta, as well as an innovation centre in Quebec. A large-scale commercial facility is currently under construction in Varennes, Quebec (Canada) which will use Enerkem’s technology. This also applies to agroforestry waste that, like urban waste, can be recycled into new products. Such technology can therefore diversify energy and chemical portfolios, as well as produce greener everyday products. It also provides a smart and sustainable alternative to landfilling and incineration. For more information, visit www.enerkem.com, follow us on Twitter @Enerkem or visit our LinkedIn or Facebook page.
For more information
- Enerkem Media Contact
- 514-375-7800
- communications@enerkem.com
About Braemar Energy Ventures
Founded in 2003, Braemar Energy Ventures is a leading venture capital firm focused on investing in transformative energy-tech and related companies contributing to global sustainability and combating climate change. Using sector expertise and experience, Braemar aims to be an engaged partner with its portfolio companies to best help them navigate the path to creating significant global impact. For more information, visit braemarenergy.com.