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Enerkem Raises $280 Million In Recent Round Of Financing

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.

Anna Galvez

Panic on the Canadian pot market

After a period of euphoria, investors who bet on the Canadian marijuana market are now panicking, while the Marijuana Index fell sharply by 19% Friday morning.

Canada’s leading cannabis producers, including Canopy Growth Corp and Aurora Cannabis Inc., have suffered a similar fate, while their stock market rating has declined more than 40% from the highs reached in early January, according to Bloomberg.

“Many investors have followed suit over the last month and many of them will suffer big losses. It’s a bit of a panic, “analyst Jason Zandberg told Bloomberg.

The Marijuana Index, which includes 18 producer titles, has been steadily increasing since November 2017, with very rapid growth recorded in the last days of the year.

Francis E. Hagopian

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