Green Car Congress  
Home Topics Archives About Contact  RSS Headlines

« Pike Research forecasts global stop-start vehicle sales to reach 37M units annually by 2020; 16:1 ratio over HEVs | Main | ZeaChem executes joint development agreement with Procter & Gamble for bio-based chemicals »

Print this post

Enerkem raises C$59M in latest financing round; Valero Energy joins, Waste Management increases investment

1 June 2011

Waste to biofuels and chemicals company Enerkem announced the closing of C$59 million (US$60 million) in financing. As part of this financing, Valero Energy Corp. joins existing investors Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital, who have each invested in the new equity round.

Valero has investments in 10 ethanol plants throughout the Midwest; Valero and Enerkem have also agreed to jointly consider commercial opportunities.

With Valero joining Waste Management as a strategic investor, Enerkem becomes one of the very few renewable products companies that is aligned with industry leaders from both upstream and downstream parts of the business.

—Vincent Chornet, president and CEO of Enerkem

Enerkem’s financing round, for which Credit Suisse acted as agent, will support the company’s large roll-out of current and future planned projects. It comes on the heels of US$130 million in financial support from the US Department of Agriculture (USDA) and Department of Energy (DOE) for a plant in Pontotoc, Mississippi, expected to break ground later this year. Construction is already underway on a similar 36 million liter (10 million gallon) per year waste-to-biofuels facility in Edmonton, Alberta, the company’s second commercial facility.

June 1, 2011 in Brief | Permalink | Comments (2) | TrackBack (0)

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c4fbe53ef014e88d23672970d

Listed below are links to weblogs that reference Enerkem raises C$59M in latest financing round; Valero Energy joins, Waste Management increases investment:

Comments

This should be actively supported by cities, municipalities, counties, States and Fed governments. Turning garbage into usable fuels and chemicals is a worthwhile endeavor even if it is not 100% efficient.

We may be mining landfills in the near future which is good, we certainly have enough of them. Tap the methane and when that runs out mine the heck out of them.

Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Working...
Your comment could not be posted. Error type:
Your comment has been posted. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.

Working...

Post a comment

Green Car Congress © 2017 BioAge Group, LLC. All Rights Reserved. | Home | BioAge Group