Enerkem Inc. (NKM), the Montreal-based biofuel company that last year withdrew plans to raise as much as $137.8 million in an initial public offering, raised C$50 million ($48.2 million) to commercialize its waste-to-ethanol technology.
Investissement Quebec joined existing equity investors that include Waste Management Inc., Braemar Energy Ventures and The Westly Group, which all increased their stakes, according to a statement today.
Enerkem in January sold a C$37 million stake in an Alberta plant it’s building that will convert municipal waste into biofuels and chemicals. The facility initially will make methanol, which will be sold to Methanex Corp., until ethanol production begins next year.
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