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Suncor boosts stake in Canadian biofuels company with C$50M investment

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Suncor boosts stake in Canadian biofuels company with C$50M investment

Biofuels producer Enerkem Inc. secured a C$50 million equity investment from Suncor Energy Inc., making the oil sands producer a significant shareholder of Enerkem.

In addition to the investment, Suncor would provide resources to support the operations of the Enerkem Alberta Biofuels LP plant in Edmonton, Alberta, according to an Oct. 15 news release. The commercial-scale plant produces cellulosic ethanol from non-recyclable, non-compostable mixed municipal solid waste.

Suncor first invested in the company as part of a C$76.3 million financing by Suncor and other investors in April.

"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," Suncor President and CEO Mark Little said in the release.

Enerkem's business is centered on converting solid waste into methanol, ethanol and other industrial chemicals. Alberta-based Suncor is focused on developing Canada's Athabasca oil sands basin.