Waste Management invests in Enerkem to further
Waste Management, Inc. and Enerkem Inc. have
announced a strategic investment by Waste Management in Enerkem,
as part of Enerkem’s new financing round.
The closing of this new round of financing which generated approximately
$66.5 million comes from Enerkem’s existing institutional investors,
Rho Ventures, Braemar Energy Ventures and BDR Capital as well
as from new investors, Waste Management and Cycle Capital. The
new funds raised will be used to support Enerkem’s growth plan,
including initiating the construction of its second waste-to-biofuels
Enerkem’s thermo-chemical technology helps convert waste materials
into biofuels such as ethanol.
“We want to extract more value from the materials we manage than
anyone else in our industry through new and emerging processing
and conversion technologies,” said Tim Cesarek, managing director
of organic growth at Waste Management.
Back in December 2009, Enerkem was awarded $50 million in funding
by the United States Department of Energy for the development
of its planned Mississippi plant. Its commercial-scale demonstration
facility, located in Westbury, Canada, reached more than 1,000
hours of operation.
The new funds raised will be used to support Enerkem’s growth
plan, including construction of its second plant, in partnership
with the City of Edmonton and Alberta Innovates.
The investment in Enerkem complements Waste Management’s comprehensive
waste services in the areas of recycling, landfill, waste-to-energy
and landfill gas-to-energy. This investment will also help move
Waste Management toward meeting three of its sustainability goals:
doubling its renewable energy production and tripling the amount
of recyclables processed by 2020, and investing in emerging technologies
for managing waste.