ATEL Ventures Commits Financing to Cleantech Company, Enerkem
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Tue, 14 Jul 2009 18:03:56 GMT |
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ATEL Ventures, Inc.
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SAN FRANCISCO - (Business Wire) ATEL Ventures, a provider of secured financing to growth companies, has extended a significant asset-backed financing facility to waste-to-fuels cleantech company, Enerkem. “Most cleantech companies require significant capital equipment to build pilot plants and manufacturing facilities; financing that equipment is ATEL’s sweet spot,” said Steven Rea, Executive Vice President, ATEL Ventures, Inc. Enerkem is one of the world’s leading developers and producers of advanced biofuels and green chemicals from waste materials. It is currently operating its first commercial-scale plant in Westbury, Canada, and has announced plans to build and operate additional second-generation biofuels production facilities in Edmonton, Alberta, in Canada and in Pontotoc, Mississippi, in the US. The funding will be used as a compliment to other sources of capital to support the company’s growth. “With three industrial-scale projects in Canada and the US, our progress is tremendous and ATEL Ventures has proven to be valuable in providing strategic asset-based financing for our company’s growth,” said Vincent Chornet, President and Chief Executive Officer of Enerkem. About Enerkem Enerkem is a leading waste-to-biofuels and green chemicals technology company. It has developed a unique gasification, sequential gas conditioning and catalysis technology platform capable of using a mix of feedstock such as sorted municipal solid waste, forest biomass and agricultural residues. The company is headquartered in Montreal, Quebec, and has engineering offices in Sherbrooke, Quebec. It has a pilot plant in operation since 2003 in Sherbrooke, Quebec. Enerkem’s first commercial-scale plant is based in Westbury, Quebec. The company is also involved in the development of a municipal waste-to-biofuels plant in Edmonton, Alberta, and recently announced the development of a second-generation biofuels production facility to be located in Pontotoc, Mississippi. Enerkem is a private company financed by leading US venture capital firms Rho Ventures and Braemar Energy Ventures, the Canadian investment fund BDR Capital and the Company's management. www.enerkem.com About ATEL Ventures Since its founding in 1977, San Francisco-based ATEL Capital Group has become the largest private and closely-held independent leasing company in the United States, with approximately $2 billion in asset-secured transactions under management. ATEL Capital formed ATEL Ventures, Inc. to provide working capital and equipment financing term loans to emerging growth companies in information technology, life sciences, specialty retail and alternative energy. For information about ATEL Ventures, contact Steven Rea, executive vice president, srea@atel.com, or visit our website at www.atel.com/venture.
ATEL Ventures, Inc.
Steven Rea, 415-616-3436
Executive Vice President
srea@atel.com
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