Cleantech company Enerkem has raised C$152.6m ($115.4m) in funding for the expansion of its Enerkem Alberta Biofuels full-scale facility in Edmonton and global growth.
The announcement comes as the company begins biomethanol production from non-recyclable household garbage at the Edmonton facility.
Enerkem uses its proprietary technology to convert non-recyclable municipal solid waste into methanol, ethanol and other widely used chemical intermediates.
The funding includes C$29m ($21.9m) debt facility from Integrated Asset Management’s (IAM) Private Debt Group as well as C$50m ($37.8m) in private placements from current investors and C$73.6m ($55.6m) of debt from two other lenders, the company said.
Enerkem president and CEO Vincent Chornet said: "I must say a huge thank you to our financial partners, employees, as well as the City of Edmonton and Alberta Innovates – Energy and Environment Solutions who believed in us and have accompanied us while we were reaching this pivotal operational milestone.
"We are about to fundamentally transform the waste industry over the coming years and allow energy and chemical groups access to a new and competitive source of renewable carbon."
In 2013, Enerkem secured funding from Waste Management of Canada, a subsidiary of Waste Management Inc, and EB Investments.
Image: Enerkem produces biomethanol from municipal solid waste at the commercial scale. Photo: courtesy of Merle Prosofsky / CNW Group/ ENERKEM INC.