Enerkem, the Montreal-based waste-to-ethanol company, continues to raise money and extend its reach through new partnerships. The company announced today it has secured another $60 million in financing and that Valero Energy has joined existing investors Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital in the round. Valero and Enerkem have also agreed to jointly explore future commercial opportunities.
Enerkem is proving to be a Canadian waste-to-energy success story. It has several projects under construction and in the pipeline and it has managed to attract top-tier strategic investors and VCs. Valero is a good catch. It has 10 ethanol refineries across the United States, making it the largest supplier of ethanol in the country. It also has made several investments in next-gen ethanol technology companies, including Mascoma, Zeachem, Terrabon, Solix Biofuels — and now Enerkem. “With Valero joining Waste Management as a strategic investor, Enerkem becomes one of the very few renewable products companies that is aligned with industry leaders from both upstream and downstream parts of the business,” said Vincent Chornet, president and chief executive officer of Enerkem, in a press release.