Enerkem and Sinobioway Group sign CA$125 million deal to accelerate Enerkem's global expansion
Canada-headed Enerkem Inc., a leading biofuel- and renewable chemicals producer and process developer has announced that it has signed an agreement with China-based Sinobioway Group worth over CA$125 million in the form of equity investment in Enerkem Inc., future licenses, equipment manufacturing and sales. The deal also entails the creation of a major joint venture that will lead the construction of over 100 Enerkem state-of-the-art waste-to-biofuel facilities in China by 2035.
Sinobioway, a flagship conglomerate in China’s bio-industry, will help accelerate Enerkem’s global growth by opening the Chinese market to Enerkem’s pioneering waste-to-biofuels technology. The joint venture (JV) will spearhead the development of a clean economy, reducing air pollution by producing renewable fuels from non-recyclable municipal solid waste (MSW). The announcement was made in the presence of the Premier of Quebec, Philippe Couillard, during his China trade mission.
Our breakthrough clean technology produces a much needed low-carbon transportation fuel and sustainable waste management solution to help China achieve its climate change objectives. We are proud to collaborate with a leading Chinese bio-industrial partner to expand our commercial footprint, said Vincent Chornet, President and CEO of Enerkem.
Sinobioway is a leading Chinese company engaged in the bio-economy. This group primarily invests in bio-energy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence areas. With 4 000 employees, it is one of the three main industrial groups affiliated with Peking University. The company was founded in 1992 and is based in Beijing, China.
We are excited to partner with a leading Canadian cleantech company to help meet our country’s commitment to reducing greenhouse gas (GHG) emissions and move towards renewable energy, said Dr Aihua Pan, Chairman of Sinobioway.