01 Jun '11, 8pm

Enerkem Raises Additional $60M From Major Corporate Investors - SustainableBusiness.com

Waste-to-biofuels company Enerkem Inc. raised nearly $60 million in financing, further cementing its relationship with Waste Management (NYSE: WM) on the supply side and forming a new path to market with fuel refiner Valero Energy (NYSE: VLO) on the demand side. Enerkem was named one of the World's 50 Most Innovative Companies by Fast Company Magazine in 2011. Its technology produces ethanol and chemicals from waste materials, such as unrecyclable household garbage, demolition debris and used utility poles. Valero Energy Corp. joined existing investors Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital in the latest round, which brings Enerkem's total funding to around $130 million to date. Valero and Enerkem also formally agreed to pursue commercial opportunities together. Valero has investments in 10 ethanol plants throughout the US Midwest. Valero...

Full article: http://www.sustainablebusiness.com/index.cfm/go/news.disp...

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