Enerkem Inc. announced the closing of a $50 million equity investment from Suncor Energy Inc.
Enerkem is a waste-to-biofuels and chemicals producer. Suncor first participated in the ownership of Enerkem in April 2019 as part of a $76.3 million equity financing alongside Enerkem's existing shareholders.
With this new investment, Suncor becomes a significant, strategic shareholder of Enerkem.
In addition to its equity interest, Suncor also provides technical resources to support the operations of the Enerkem Alberta Biofuels (EAB) plant located in Edmonton.
EAB is the first commercial-scale plant in the world to turn non-recyclable, non-compostable mixed municipal solid waste into cellulosic ethanol, a popular biofuel.
“This investment complements Suncor’s existing biofuels business, demonstrates our commitment to deliver low-carbon fuels to Canadian drivers and is another tangible example of the work we’re doing to help lower emissions and transform the energy system,” said Mark Little, Suncor’s president and chief executive officer. “Together with other investments in clean technology, our relationship with Enerkem helps position Suncor to be a leader in the developing low-carbon economy.”