Valero joins existing strategic investor Waste Management, a US-listed garbage collection company, and venture capital firms Rho Ventures, Braemar Energy Ventures and Cycle Capital, who have all invested in the latest equity round.

Oil group Valero Energy has made its second corporate venturing investment of the year by joining a consortium investing C$59m ($60m) in Enerkem, a US-based waste-to-biofuels and chemicals company.

Valero joins existing strategic investor Waste Management, a US-listed garbage collection company, and venture capital firms Rho Ventures, Braemar Energy Ventures and Cycle Capital, which have all invested in the latest equity round.

Valero, which in January invested in biofuels developer Qteros, has invested in 10 ethanol plants throughout the…