Enerkem raises record CA$280 million in new capital
Canada-headed Enerkem Inc., a leading biofuel- and renewable chemicals producer and process developer has announced that it has completed a CA$280 million investment round, its largest to date. In addition to new investors BlackRock and Sinobioway, existing investors also participated in this financing.
We are very pleased to welcome new investors along with the support of our longstanding existing investors. This new and significant financing will help accelerate our growth and further expand project development and implementation. Now that we have launched the world’s first commercial-scale bioethanol operation in Edmonton, we can focus our efforts on building a strong circular economy for communities around the world by deploying new facilities that address the growing challenges related to waste management and sustainable mobility, said Enerkem’s President and Chief Executive Officer Vincent Chornet in a statement.
Existing Enerkem investors include Rho Ventures, Braemar Energy Ventures, Waste Management of Canada, Investissement Québec, Fonds de solidarité FTQ, Cycle Capital, Fondaction, The Westly Group, and the National Bank of Canada.
BlackRock is a global leading investment management corporation, managing close to six trillion dollars in assets on behalf of investors worldwide. BlackRock operates globally with 70 offices in 30 countries and clients in 100 countries.
BlackRock is pleased to join the investment group on behalf of our clients and to help facilitate the launch of innovative waste-to-biofuel facilities worldwide, said David Trucano, Portfolio Manager, BlackRock Global Credit team, which invested in the company’s senior notes.
Sinobioway is a leading Chinese company engaged in the bio-economy. This industrial group, affiliated with Peking University, primarily invests in bioenergy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence.
National Bank Financial Inc. and Scotia Capital Inc. served as financial advisors to Enerkem.