Waste Management has increased its investment in Enerkem, a firm that produces vehicle fuel from waste, by an undisclosed amount. Waste Management’s additional investment was part of $60 million in funding that Enerkem closed on Wednesday. Other investors in the round of financing included Valero Energy Corp., Rho Ventures, Braemar Energy Ventures and Cycle Capital.
“We’re proud to reinvest and increase our position in Enerkem,” said Tim Cesarek, managing director of Waste Management’s Organic Growth Group, in a press release. “By combining Waste Management’s industry leadership and expertise in the collection and management of a wide range of segmented waste streams with Enerkem’s leading clean technology solutions, we are broadening our portfolio of conversion technologies in the waste-to-biofuels market, which is key to developing news, higher value-added end markets for materials.”