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June 2011 | |  |
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Valero invests in Enerkem, in $60M funding round
Source : biofuelsdigest.com
In Canada, Enerkem Inc has closed a $60 million financing round that includes Valero Energy Corp. who joins existing investors Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital, who have each invested in the new equity round. Enerkem's financing round, for which Credit Suisse acted as agent, will support the company's large roll-out of current and future planned projects. It comes on the heels of $130 million in financial support from the U.S. Department of Agriculture (USDA) and Department of Energy (DOE) for a plant in Pontotoc, Mississippi, expected to break ground later this year. Construction is already underway on a similar 10 million gallon per year waste-to-biofuels facility in Edmonton, Canada, the company's second commercial facility. With its investments in 10 ethanol plants throughout the Midwest, Valero has long been a champion of renewable fuels in the United States. The investment in Enerkem demonstrates Valero's commitment to the advanced biofuel sector. Valero and Enerkem have also agreed to jointly consider commercial opportunities.
read more ...
6 June 2011 |
Economy ::
Bioethanol ::
United States & Canada
The information in this section is subject to a disclaimer.
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