The financing, $37.7m of which is equity funding, will be used by the Waste Management-backed company to expand a biomethanol production facility.
Enerkem, the Canada-based biofuel producer backed by waste services provider Waste Management, raised C$152.6m ($115m) in debt and equity financing on Wednesday, with the equity coming from its existing investors.
Founded in 2000, Enerkem converts waste into biofuel and renewable chemicals. It will use the capital to expand a facility it owns in Edmonton, Canada that produces biomethanol from non-recyclable household garbage.
The financing consisted of $37.7m of equity, invested by Enerkem’s existing backers in the form of a private…