50 Million Bucks Says Landfill Is a Viable Energy Source: Suncor Doubles Down on Enerkem
by Jim Lane (Biofuels Digest) In Canada, news arrived late last week Enerkem closed a $50 million equity investment from Suncor. What does it mean? Today’s let’s explore that. As Canada’s leading integrated energy company, 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, Alta. 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.
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Enerkem’s landed more than $100 million this year, it’s like an PO without the reporting requirements, the short-sellers, and the options underwater for key people. Pretty brilliant, all around. READ MORE