Enerkem Inc. has raised additional $14.5 million in equity financing led by The Westly Group, a Menlo Park, California based clean technology-oriented venture capital firm. New investors, Fondaction CSN and Quince Associates, L.P. also participated in the financing.
Enerkem has also closed a concurrent $14.2 million debt financing.
In June 2011, Enerkem closed a $59 million new round of financing with Valero Energy Corp. (NYSE: VLO), Waste Management, Inc. (NYSE: WM), Rho Ventures, Braemar Energy Ventures, and Cycle Capital.
Enerkem is a leading waste-to-biofuels and chemicals company. Enerkem’s thermo-chemical technology converts waste, such as unrecyclable household garbage, demolition debris and used utility poles, into chemical-grade syngas (advanced ethanol), bioacetates and other intermediate chemicals.
Enerkem currently operates two facilities in Quebec and in 2010, began construction of a municipal waste-to-biofuels plant in Alberta.
Enerkem also expects to break ground on a similar facility in Mississippi with US $130 million in financial support from the U.S. Department of Agriculture (USDA) and Department of Energy (DOE).
