Waste-to-biofuels developer Enerkem has announced the closing of a new round of financing from its existing investors, and a new investor Suncor Energy, for a total amount of $57.28m.
Canada-based large scale energy company Suncor has joined the Enerkems shareholders through the present financing round.
The shareholders of the company also includes Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarit FTQ, Investissement Qubec, National Bank of Canada, Rho Ventures, Sunkem, the Westly Group and Waste Management of Canada.
The injection of the additional capital is expected to strengthen the companys growth by continuing the development of its other projects, including in Varennes, Qubec, and Rotterdam, Holland.
Enerkem expects Suncor would share its technical resources in addition to the equity interest, to support acceleration of its growth.
Enerkem said that as part of this financing, the Government of Qubec has increased its equity ownership in Enerkem by $13.3m through the Fonds du dveloppement conomique.
Enerkem president, CEO and chief financial officer Dominique Boies said: We are now in a period of sustained growth and beginning a landmark phase of our technologys implementation, with the expected launch of our Varennes plant and our Rotterdam project.
Thanks to a strong core of public and private investors, Enerkem has developed a clean, one-of-a-kind technology for commercial use. We are proud of also having the Government of Qubecs support to be able to pursue our development projects in an emerging and promising sector that is helping to build the new economy.
In February 2018, Enerkem secured $222m in a new funding round that saw participation from BlackRock and Sinobioway along with existing investors.
The funding round included existing investors of the company including Rho Ventures, Braemar Energy Ventures, Waste Management of Canada, Investissement Qubec, Fonds de solidarit FTQ, Cycle Capital, Fondaction, The Westly Group, and the National Bank of Canada.
BlackRock Global Credit, an investment management corporation and Sinobioway, a China-based company engaged in the bio-economy, have newly joined the investment group through the funding round.
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