Waste-to-energy company Enerkem Inc. has obtained $47.7 million in additional financing to help fund its waste-to-biofuels projects.
The Montreal-based company said in a news release it received additional funding from Investissement Quebec, joining existing investors that include Waste Management of Canada. The Westly Group, Cycle Capital, Fonds de solidarite FTQ and Fondaction also increased their investment with Enerkem with this financing round.
Enerkem now has raised $83 million in equity investment.
“As we are finalizing the construction of the Enerkem Alberta Biofuels facility in Edmonton and developing our next facilities, we takes this new corporate equity investment as a vote of confidence in Enerkem’s growth strategy,” said Vincent Chornet, Enerkem president and CEO.