Waste Management And Enerkem Announce Strategic Investment - Waste Management Joins Rho Ventures, Br

< BACK TO ENERGY starstarstarstarstar   Conservation - Energy Press Release
25th February 2010, 03:21am - Views: 798






Conservation Energy Enerkem Inc.; Waste Management, Inc. 2 image











MEDIA RELEASE PR38485


Waste Management and Enerkem Announce Strategic Investment - Waste Management Joins Rho

Ventures, Braemar Energy Ventures, BDR Capital and Cycle Capital as Investor in Enerkem


HOUSTON, TX, and MONTREAL, Feb. 24 /CNW-AsiaNet/ --


     Waste Management, Inc. (NYSE:WM) and Enerkem Inc., today announced a strategic

investment by Waste Management in Enerkem, as part of Enerkem's new financing round.


     The closing of this new round of financing which generated CDN $53.8

million comes from Enerkem's existing institutional investors, Rho Ventures,

Braemar Energy Ventures and BDR Capital as well as from new investors, Waste

Management and Cycle Capital. The new funds raised will be used to support

Enerkem's growth plan, including initiating the construction of its second

waste-to-biofuels plant. Morgan Stanley acted as Enerkem's agent.


     Enerkem's proprietary thermo-chemical technology helps convert waste

materials into biofuels such as ethanol. Its technology is able to process

diverse carbon-based feedstocks, including sorted municipal solid waste,

construction and demolition wood, as well as agricultural and forest residues.


     "We want to extract more value from the materials we manage than anyone

else in our industry through new and emerging processing and conversion

technologies," said Tim Cesarek, managing director of Organic Growth at Waste

Management. "Combining Waste Management's industry leadership and expertise in

the collection and management of a wide range of segmented waste streams with

Enerkem's leading clean technology solutions, we are broadening our portfolio

of conversion technologies in the waste-to-biofuels market which is key to

developing new, higher value added end markets for materials."


     "This financing round validates Enerkem's business and advances our path

towards leadership in the waste and advanced fuels markets," said Vincent

Chornet, President and Chief Executive Officer of Enerkem. "The financial and

strategic support of these world-class investors, bringing together our

existing investors with Waste Management and Cycle Capital, will accelerate

the transformation of the waste-to-biofuels industry that Enerkem is

marshalling."


     In December 2009, Enerkem was awarded US$50 million in funding by the

U.S. Department of Energy for development of its planned Mississippi plant.

Its commercial-scale demonstration facility in Westbury, Canada, which was

completed in 2009, reached 1,000 hours of operation. The new funds raised will

be used to support Enerkem's growth plan, including construction of its second

plant, in partnership with the City of Edmonton and Alberta Innovates.


     The investment in Enerkem complements Waste Management's comprehensive

waste services in the areas of recycling, landfill, waste-to-energy and

landfill gas-to-energy. This investment will also help move Waste Management

toward meeting three of its sustainability goals: doubling its renewable

energy production and tripling the amount of recyclables processed by 2020,

and investing in emerging technologies for managing waste.


     About Enerkem

Conservation Energy Enerkem Inc.; Waste Management, Inc. 3 image


     Enerkem is a leading waste-to-biofuels company. Its proprietary

thermo-chemical technology converts residual materials, such as non-recyclable

municipal solid waste, into clean transportation fuels, advanced chemicals and

electricity. The company was founded in 2000 and currently operates two plants

in Canada: a pilot facility in Sherbrooke and a commercial-scale plant in

Westbury. It will soon start the construction of its waste-to-biofuels plant

in Edmonton, Canada and is currently developing a similar project in

Mississippi, for which it was awarded US$50 million in funding by the U.S.



     About Waste Management


     Waste Management, based in Houston, Texas, is the leading provider of

comprehensive waste management services in North America. Our subsidiaries

provide collection, transfer, recycling and resource recovery, and disposal

services. We are also a leading developer, operator and owner of

waste-to-energy and landfill gas-to-energy facilities in the United States.

Our customers include residential, commercial, industrial, and municipal

customers throughout North America. To learn more visit www.wm.com or



     This press release contains forward-looking statements as defined in the

Private Securities Litigation Reform Act of 1995. Forward-looking statements

are information of a non-historical nature or which relate to future events

and are subject to risks and uncertainties. In many cases, you can identify

forward-looking statements by terminology such as "may," "will," "should,"

"expects," "plans," "anticipates," "believes," "estimates," "predicts,"

"potential," or "continue," or the negative of these terms and other

comparable terminology. These statements are only predictions. Actual results

could differ materially from those anticipated in these forward-looking

statements as a result of a number of factors. The forward-looking statements

made in this press release relate only to events as of the date of this

release. We undertake no ongoing obligation to update these statements.


SOURCE: Enerkem Inc.; Waste Management, Inc.


CONTACT: Marie-Hélène Labrie

         Enerkem

         +1-(514) 875-0284 x 231

         mlabrie(at)enerkem.com


         Wes Muir

         Waste Management

         +1-(713) 328-7053

         wmuir(at)wm.com/

         (WM)


Translations:








To view this and other AsiaNet releases please visit http://www.asianetnews.net






news articles logo NEWS ARTICLES
Contact News Articles |Remove this article