21 June 2013 14:29 [Source: ICIS news]
TORONTO (ICIS)--Quebec’s provincial government is taking an equity stake in biochemicals firm Enerkem, according to a statement on Friday.
The government is taking the stake through its investment agency, Investissement Quebec, which is one of Canada’s largest institutional investors.
Enerkem did not disclose how much Quebec is investing but it said that the investment was part of a Canadian dollar (C$) 50.0m ($48.5m) financing round that include additional equity investments from existing stakeholders.
"As we are finalising the construction of the Enerkem Alberta Biofuels facility in Edmonton [Alberta province] and developing our next facilities, we take this new corporate equity investment as a vote of confidence in Enerkem’s growth strategy," said Enerkem CEO Vincent Chornet.
Montreal-based Enerkem is focussed on producing biofuels and renewable chemicals from wastes. It converts non-recyclable municipal solid waste into methanol, ethanol and other chemical intermediates.
($1 = C$0.97)
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