Suncor Energy Invests C$50 Million in Enerkem

Suncor Energy (TSX:SU), energy company announced that it invested an additional C$50 million in renewable energy firm, Enerkem. Through its partnership, Suncor is additionally providing technical resources for the development of a Enerkem biofuel plant in Edmonton, Alberta. Earlier this year Suncor invested C$76.3 million in equity in the company.

As quoted in the press release:

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.”

Click here to read the full press release.