US refiner Valero invests in Canadian biofuels firm Enerkem

01 June 2011 19:17  [Source: ICIS news]

TORONTO (ICIS)--US refiner Valero has become a strategic investor in Montreal-based waste-to-biofuels company Enerkem, the Canadian firm said on Wednesday.

Enerkem said Valero joined Waste Management and others in a Canadian dollar (C$) 59m ($61m) equity financing round to support current and future projects. It did not disclose how much Valero invested.

In addition, Valero and Enerkem agreed to jointly “consider commercial opportunities”, Enerkem said.

"With Valero joining Waste Management as a strategic investor, Enerkem becomes one of the very few renewable products companies that is aligned with industry leaders from both upstream and downstream parts of the business," said Enerkem CEO Vincent Chornet.

Valero, through its Ultramar business, is a refiner and petrol retailer in Quebec province.

Enerkem is developing commercial waste-to-biofuels facilities in Canada and the US, including a project in Pontotoc, Mississippi, which received support from the US agriculture and energy departments.

($1 = C$0.97)

Check out Doris de Guzman’s Green Chemicals Blog for views on sustainability issues

By: Stefan Baumgarten
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