Cycle Capital Management (CCM) Inc. has today announced an additional 3.5 million-dollar investment by Cycle Capital Fund I, L.P. in Enerkem, a leading Quebec business specializing in converting waste into clean fuel, alongside a much larger round with a number of highly respected US investors at a significant increase in value.
“Cycle Capital invests in companies developing and commercializing clean technologies, and Enerkem offers significant opportunities for growth in this sector. Our financial support will, among other things, allow Enerkem to retain its position among the world leaders in the second- generation biofuels industry,” said Andrée-Lise Méthot, Founder and Senior partner of Cycle Capital Management (CCM) Inc. “We are always very pleased to be able to accompany companies like Enerkem, who share our approach and vision, in achieving its objectives.”
“We are proud to have Cycle Capital reinvest in our company,” said Vincent Chornet, president and chief executive officer of Enerkem. “Cycle Capital and Enerkem are pioneers in the cleantech and renewable energy sectors, and together we are propelling our contribution and reach in these fast-growing industries.”
This reinvestment brings to $ 7 million Cycle Capital’s participation in Enerkem. To this date, the Cycle Capital Fund portfolio includes nine companies, for a total in investment of $ 39.7 million.
Enerkem is pioneering a new line of chemicals and fuels made from garbage instead of oil or other fossil fuels. Enerkem’s cost-effective technology uses waste materials, such as unrecyclable household garbage, demolition debris and used utility poles to create advanced ethanol, acetates and other useful clean chemicals that form our everyday products. The company currently operates two facilities in Quebec and in 2010 began construction of a municipal waste-to-biofuels plant in Alberta. In 2011, Enerkem will break ground on a similar facility in Mississippi for which it was awarded US$130 million from the USDA and U.S. DOE. Enerkem was named one of the World’s 50 Most Innovative Companies by Fast Company Magazine in 2011. www.enerkem.com
About Cycle Capital Management (CCM)
Cycle Capital is a pioneer among Canadian venture capital funds focused on the cleantech sector. The fund invests in companies developing and commercializing clean technologies and projects in renewable energy generation that are focused on reducing greenhouse gas emissions, optimizing resources use, and decreasing impacts over their entire life cycle.
With nearly $ 125 million under management, Cycle Capital invests primarily in the north-eastern of North America. The fund has assembled a team of investment professionals, advisors and strategic partners, internationally respected for their combined experience in building, nurturing and growing world class companies. Cycle Capital benefits from a privileged relationship with its strategic partners including Brookfield Renewable Power, Rio Tinto Alcan, Cascades, The Master Group L.P, Lonza, Gaz Métro and Systemex Energies. www.cyclecapital.com
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