Montreal-based Enerkem has raised $280 million in its most recent round of financing, the largest since its operations began in 2003. Two new investors, BlackRock and Chinese firm Sinobioway, joined those who had already participated to the financing of the company.
Investissement Québec, the Solidarity Fund QFL, Cycle Capital, Fondaction, The Wesley Group, Rho Ventures, Braemar Energy Ventures, and Waste Management of Canada have already invested in the company that wants to transform non-recyclable waste into biofuels.
Enerkem has a production plant in Edmonton, Alberta, and plans since 2012 to build another one in Varennes, Quebec. This project received $ 38 million in financial assistance from the Québec government, of which $ 20 million in share capital and $ 18 million in grants.
Sinobioway’s investment (125 million) was announced during the recent economic mission of Prime Minister Philippe Couillard in China. Enerkem plans to build 100 factories in China by 2035.