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Waste biomass to fuels company raises more funds

Waste-to-biofuels company Enerkem has closed another round of financing to increase its total equity investment for 2013.

It closed on CN$50 million (€36.4 million) to bring its yearly financing total to $87 million. As part of this drive, institutional fund Investissement Quebec has joined the seven other investors, including Waste Management of Canada, all of whom have increased their support too.

‘Enerkem is living proof that biofuels can be a wonderful opportunity for economic growth, as its projects not only create jobs but also reduce the carbon footprint left by our transport systems, and they can clearly have a beneficial effect on our balance of trade,’ Quebec Premier Pauline Marois was quoted as saying.