Enerkem closed another C$76.3 million in equity financing including Suncor Energy : Biofuels Digest

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In Canada, Enerkem Inc. announced the closing of a new round of financing totalling C$76.3 million. The financing comes from Enerkem’s existing investors, as well as a new investor, Suncor Energy Inc.

This injection of additional capital will help foster the company’s growth by continuing the development of its other projects, including in Varennes, Québec, and Rotterdam, Holland.

Suncor, one of Canada’s largest energy companies, is joining Enerkem’s shareholders, comprising Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarité FTQ, Investissement Québec, National Bank of Canada, Rho Ventures, Sunkem, the Westly Group and Waste Management of Canada. In addition to its equity interest, Suncor will share technical resources to support acceleration of Enerkem’s growth.

Similarly, as part of this financing, the Government of Québec has increased its equity ownership in Enerkem by C$13.3 million through the Fonds du développement économique.

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