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Enerkem raises $222m in new funding round

Published 08 February 2018

Waste-to-biofuels developer Enerkem has secured C$280m ($222m) in a new funding round that saw participation from BlackRock and Sinobioway along with existing investors.

Enerkem president and CEO Vincent Chornet said: "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."

BlackRock Global Credit team portfolio manager David Trucano said: "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."

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.

Sinobioway is a leading Chinese company engaged in the bio-economy. This industrial group, affiliated with Peking University, primarily invests in bio-energy, 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.

Source: Company Press Release