Canadian integrated energy company Suncor has completed a C$50-million ($38 million) equity investment in Enerkem, a Montreal-based advanced biofuels and renewable chemicals producer, the companies said Tuesday.
Suncor’s latest investment comes roughly five months after it joined Enerkem’s existing shareholders investing C$76.3 million in the biofuels company. The companies said yesterday’s investment makes Suncor “a significant, strategic shareholder” in Enerkem.
In addition, Suncor said it will provide technical resources to support the operations of Enerkem’s Edmonton, Alberta, biofuels plant, the first commercial-scale facility capable of converting noncompostable, mixed solid waste into cellulosic ethanol.
“Through this additional investment, the confidence Suncor is showing sends us a clear signal that they strongly support and believe in the Enerkem technology, confirming our leadership in the advanced biofuels market,” Dominique Boies, Enerkem CEO and chief financial officer, said in a statement. “We are pleased to partner with a leading Canadian player in the energy industry and to benefit not only from their financial support, but also from their profound operational, technical, and engineering expertise.”
Suncor president and CEO Mark Little said the investment “complements Suncor’s existing biofuels business, demonstrates our commitment to deliver low-carbon fuels to Canadian drivers, and is another tangible example of the work we’re doing to help lower emissions and transform the energy system.”
“Together with other investments in clean technology, our relationship with Enerkem helps position Suncor to be a leader in the developing low-carbon economy.”
Calgary-based Suncor is focused on developing Canada’s Athabasca oil sands, one of the world’s largest petroleum basins. In addition, the company explores for, buys, and produces crude in Canada and internationally. It also operates a renewable energy business and trades crude, natural gas, by-products, refined products, and power.
OPIS is an IHS Markit company.
By Jeff Barber
Source: Chemical Week
CF Industries Holdings, Inc. (NYSE: CF) today announced that it has closed its acquisition of Incitec Pivot Limited’s (“IPL”) ammonia production complex located in Waggaman, Louisiana. Under the terms of the agreement, CF Industries purchased the Waggaman ammonia plant and related assets for $1.675 billion, subject to adjustments.
The Virgin Atlantic flight was powered entirely by SAF, that was a drop-in replacement for conventional jet fuel, but made solely from sustainable feedstocks. This was enabled through the inclusion of a new bio-based aromatic jet fuel blending component.
Cepsa SA (Madrid) has agreed a deal with C2X, an independent firm owned by AP Moller Holding with AP Moller-Maersk as minority owner, to develop a 300,000 metric tons per year renewable methanol plant at Huelva, Spain.
