02-Aug-2011 - Enerkem, Inc.

Enerkem announces total financing reached C$88 (US$90) million in 2011

Additional C$29 (US$30) million recently raised

Enerkem Inc. announced the closing of C$29 (US$30) million in additional financing through corporate equity (C$14.5 million) and corporate debt (C$14.2 million) transactions. As part of the equity financing round, The Westly Group, Fondaction CSN and Quince Associates, L.P. join existing investors Valero Energy Corp., Waste Management, Rho Ventures, Braemar Energy Ventures and Cycle Capital, who had each invested in the recently announced C$59 (US$60) million equity tranche.

“The closing of this financing round brings our total amount raised this year to C$88 million, which will allow Enerkem to further develop its commercial activities”, said Vincent Chornet, President and CEO of Enerkem. “This financing along with our full-scale commercial plants underway solidify our company’s leading position in the growing clean transportation fuels and biochemicals market.”

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