Proman closes its investment in Québec’s first carbon-recycling and biofuels plant
Switzerland-headed Proman AG, a global leader in methanol, fertilizer and other natural gas derived products, has recently announced that Varennes Carbon Recycling, the landmark waste-to-biofuels plant in Varennes, Québec (QC), Canada, has now reached financial close, with investment agreements signed by Proman and its partners, Shell Canada Ltd, Suncor Energy Inc, the Government of Québec, and Enerkem Inc.
Furthermore, as part of the investment agreement, Proman will be entitled to market the methanol produced from the plant, which, once the plant is in operation, could make Proman the largest marketer of bio-methanol globally.
The plant is expected to ramp up to a production level of 100 000 tonnes of bio- and circular methanol per annum, using Enerkem’s proprietary technology to convert non-recyclable waste into sustainable methanol, which can then be converted to other low-carbon biofuels such as ethanol and renewable gasoline.
This method produces fuels with substantially lower carbon intensity (CI) when compared to conventional fossil fuels, as well as ensuring that waste materials are recycled rather than being disposed of in landfills.
Bio-methanol has enormous potential as our economies continue to decarbonise. Proman is committed to using our expertise in the methanol market and our unique integrated value chain to serve our customers’ evolving needs and contribute towards meeting global sustainability targets. Proman’s marketing, logistics, and operational experience is a perfect complement to Enerkem’s world-leading technology, and we look forward to working with all the project partners to making this innovative waste-to-low carbon fuels plant a great success, said David Cassidy, CEO, Proman.
The bio-methanol produced has a wide range of possible applications in ground transportation, power generation, and industrial applications as well as a viable alternative marine fuel. The investment in Varennes Carbon Recycling also marks Proman’s first investment in Canada.
We are excited to be a part of this partnership with the Canadian and Québec governments and, thanks to Canada’s vision and leadership in sustainable energy, we hope it will be the first of many initiatives for Proman in Canada. We look forward to continuing our partnerships with the public and private sectors in Canada and globally to develop sustainable energy projects and reduce reliance on fossil fuels, ended David Cassidy.