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Enerkem Announces $50.4 Million in Financing for Advanced Biofuel Technology
February 25, 2010Source: Clean Edge News
Enerkem Inc.
recently announced a strategic investment by Waste Management in the
company as part of Enerkem's new financing round.
The new round of financing generated CAD$53.8 million (US$50.4
million) and comes from Enerkem's existing institutional investors,
Rho Ventures, Braemar Energy Ventures and BDR Capital as well as from
new investors, Waste Management and Cycle Capital. According to the
company, the new funds raised will be used to support Enerkem's growth
plan, including initiating the construction of its second waste-to-
biofuels plant.
Enerkem's proprietary thermo-chemical technology helps convert waste
materials into biofuels such as ethanol. The company says its
technology is able to process diverse carbon-based feedstocks,
including sorted municipal solid waste, construction and demolition
wood, as well as agricultural and forest residues.
In December 2009, Enerkem was awarded $50 million in funding by the
U.S. Department of Energy for development of its planned Mississippi
plant. Its commercial-scale demonstration facility in Westbury,
Canada, which was completed in 2009, has reached 1,000 hours of
operation. The new funds raised will be used to support Enerkem's
growth plan, including construction of its second plant, in
partnership with the City of Edmonton and Alberta Innovates.