Montreal-based Enerkem has raised a further C$50 million ($48.2 million)to move forward with its waste-to-ethanol technology, the company said lateThursday.
The new investment brings the total equity raised by Enerkem this yearto C$87 million, according to a statement.
Institutional fund Investissement Quebec joined existing investors WasteManagement of Canada, Rho Ventures, Braemar Energy Ventures, the WestlyGroup, Cycle Capital, Fonds de solidarite FTQ and Fondaction, which alsoincreased their stakes, the statement said.
Enerkem uses non-recyclable municipal solid waste to produce methanol,ethanol and other widely used chemical intermediates.
