Repsol led the waste-to-biofuel technology provider’s largest round in four years and plans to collaborate with it on Iberian projects.
Canada-based waste-to-biofuel technology producer Enerkem has raised C$255m ($202m) in an equity and convertible debt round led by oil and gas producer Repsol.
Repsol’s provided approximately $59.4m in equity and $75.2m in convertible note financing while Monarch Alternative Capital and Avenue Capital Group each put up $23.7m in convertible debt financing and unnamed existing shareholders put up another $19.8m in equity funding.
Enerkem converts non-recyclable solid waste into biofuels and renewable chemicals for a range of uses, including ethanol and methanol. It is looking to deploy its technology through new projects in the Iberian Peninsula through a strategic partnership with Spain-headquartered Repsol.
Synthetic crude oil producer Suncor Energy, chemicals provider Sunkem, waste management service Waste Management of Canada and financial services firm National Bank of Canada took part in a $56.7m round for Enerkem in 2019 alongside Braemar Energy Ventures, Cycle Capital, Fondaction, Fonds de solidarité FTQ, Investissement Quebec,…
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
