Enerkem Achieves All Production Milestones at its Edmonton Biofuel Facility
Enerkem Inc., a world leading waste-to-biofuels and chemicals producer, announced that its first full-scale commercial facility, located in Edmonton, Alberta, has met all operational milestones set by its senior lender Integrated Asset Management (IAM).
"The Enerkem Alberta Biofuels facility in Edmonton is fully operational in accordance with very rigorous production criteria," said Vincent Chornet, President and Chief Executive Officer of Enerkem. "This third-party validation comes in at the right time as we are expanding our footprint in North America and Europe. Our disruptive solution sets a new standard in waste management, biofuels and chemicals, thus accelerating the transition toward a circular economy where waste becomes a resource to make everyday products."
"We have been impressed with Enerkem's discipline and commitment throughout the process of ramping-up the world's first commercial operation of its kind," said Greg Dimmer, Managing Director IAM Private Debt Group. "As Enerkem's senior lender we look forward to expanding our partnership through future financing opportunities as the company continues to expand its market outreach."
In less than five minutes, Enerkem's technology turns household waste into 99.9 per cent pure liquid chemicals and biofuels. Since the start of production, the Enerkem Alberta Biofuels facility has been meeting the highest quality standards set by the International Methanol Producers and Consumers Association (IMPCA) for the production and sale of methanol. Last year, Enerkem's biorefinery also became the first ISCC certified plant (International Sustainability and Carbon Certification) in the world to convert municipal solid waste into biomethanol.
This pioneering facility has been financed by private sources and received funding support from Sustainable Development Technology Canada (SDTC), Alberta Innovates and Alberta Energy.
Integrated Asset Management Corp. ("IAM") (TSX:IAM) is one of Canada's leading alternative asset management companies with approximately $2.6 billion in assets and committed capital under management in real estate and private debt. IAM Private Debt Group manages and provides funding from Integrated Private Debt Fund LPs on behalf of a number of pension funds and other institutional investors. IAM Private Debt Group offers fixed rate, investment grade term loans to mid-market companies for such purposes as refinancing existing debt, acquisitions, plant expansion or modernization, project financing and management buyouts.
Enerkem produces biofuels and renewable chemicals from waste. Its disruptive proprietary technology converts non-recyclable municipal solid waste into methanol, ethanol and other widely used chemical intermediates. Headquartered in Montreal (QC), Canada, Enerkem operates a full-scale commercial facility in Alberta as well as an innovation centre in Quebec. Enerkem's facilities are built as prefabricated systems based on the company's modular manufacturing infrastructure that can be deployed globally. Enerkem's technology helps diversify the energy mix and make everyday products greener while offering a smart, sustainable alternative to landfilling and incineration.