Chinese Backing for Canadian Waste to Fuel & Chemicals Specialist : Waste to Biofuel Firm Enerkem Secures US$222m Investment
Canadian waste to bio fuels and chemicals firm, Enerkem, has completed a C$280 million (US$222 million) investment round with both new and existing investors – its largest to date.
The new investors are BlackRock and Sinobioway, while existing investors include Existing 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.
“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,” he continued.
“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,” concluded the CEO
David Trucano, Portfolio Manager, BlackRock Global Credit team, which invested in the company’s senior notes added: “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.”
BlackRock is a global investment management corporation, managing close to $6 trillion dollars in assets on behalf of investors worldwide. Itoperates globally with 70 offices in 30 countries and clients in 100 countries.
Sinobioway is a Chinese company engaged in the bio-economy. The industrial group is affiliated with Peking University, primarily invests in bio-energy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence.
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