Enerkem today said that it raised $60 million from fuel refiner Valero and others to build plants that convert municipal waste to biofuels.
The company said that investment from Valero could lead to a commercial agreement between them. Other companies to invest include existing investor Waste Management, Rho Ventures, Braemar Energy Ventures, and Cycle Capital.
There are a number of companies with methods for converting municipal garbage into fuels, but Enerkem is one of the farthest along. The company said the money will finance construction of future plants and its third ethanol plant in Pontotoc, Mississippi, which is slated to … Read more