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
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