Suncor Energy increases its participation in Enerkem, strengthening their existing relationship
15 Oktober 2019 - 11:15PM
Enerkem Inc., a world-leading waste-to-biofuels and chemicals
producer, today announced the closing of a $50 million equity
investment from Suncor. As Canada's leading integrated energy
company, Suncor first participated in the ownership of Enerkem in
April 2019 as part of a $76.3 million equity financing alongside
Enerkem's existing shareholders. With this new investment, Suncor
becomes a significant, strategic shareholder of Enerkem.
In addition to its equity interest, Suncor also provides
technical resources to support the operations of the Enerkem
Alberta Biofuels (EAB) plant located in Edmonton, Alta. EAB is the
first commercial-scale plant in the world to turn non-recyclable,
non-compostable mixed municipal solid waste into cellulosic
ethanol, a popular biofuel.
“Through this additional investment, the confidence Suncor is
showing us sends a clear signal that they strongly support and
believe in the Enerkem technology, confirming our leadership in the
advanced biofuels market,” said Dominique Boies, chief executive
officer and chief financial officer, Enerkem. “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.”
“This 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,” said Mark Little, president and chief executive officer,
Suncor. “Together with other investments in clean technology, our
relationship with Enerkem helps position Suncor to be a leader in
the developing low-carbon economy.”
About Enerkem
Enerkem produces advanced biofuels and renewable chemicals from
waste. Its disruptive proprietary technology converts
non-recyclable, non-compostable municipal solid waste into
methanol, ethanol and other widely-used chemicals. 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 is a prime example of how a
true circular economy can be achieved by diversifying the energy
mix and by making everyday products greener while offering a smart,
sustainable alternative to landfilling and incineration.
www.enerkem.com
About Suncor
Suncor is an integrated energy company headquartered in Calgary,
Alberta, Canada. We are strategically focused on developing one of
the world’s largest petroleum resource basins – Canada’s Athabasca
oil sands. In addition, we explore for, acquire, develop, produce
and market crude oil in Canada and internationally; we transport
and refine crude oil, and we market petroleum and petrochemical
products primarily in Canada. We also operate a renewable energy
business and conduct energy trading activities focused principally
on the marketing and trading of crude oil, natural gas, byproducts,
refined products, and power. A member of Dow Jones Sustainability
indexes, FTSE4Good and CDP, Suncor is working to responsibly
develop petroleum resources while also growing a renewable energy
portfolio. Suncor is listed on the UN Global Compact 100 stock
index. Suncor's common shares (symbol: SU) are listed on the
Toronto and New York stock exchanges.
For more information about Suncor, visit our web site
at suncor.com, follow us on
Twitter @Suncor or together.suncor.com.
Enerkem media inquiries+1
514-375-7800communications@enerkem.com
Suncor media inquiries +1 833-296-4570media@suncor.com
Suncor investor inquiries+1 800-558-9071invest@suncor.com
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