Enerkem and Sinobioway Group sign a C$125M agreement to accelerate Enerkem's global expansion
Joint venture to build over 100 biofuel facilities in China
Enerkem Inc., a world leading waste-to-biofuels and renewable chemicals producer, announced at the end of January that it has signed an agreement with Sinobioway Group worth over C$125M in the form of equity investment in Enerkem Inc., future licenses, equipment manufacturing and sales, as well as for the creation of a major joint venture that will lead the construction of over 100 Enerkem state-of-the-art facilities in China by 2035. The announcement was made in the presence of the Premier of Quebec, Philippe Couillard, during his China trade mission.
Sinobioway, a flagship conglomerate in China's bio-industry, will help accelerate Enerkem's global growth by opening the Chinese market to Enerkem's pioneering waste-to-biofuels technology. This joint venture will spearhead the development of a clean economy, reducing air pollution by producing renewable fuels from non-recyclable garbage.
"Our breakthrough clean technology produces a much needed low-carbon transportation fuel and sustainable waste management solution to help China achieve its climate change objectives," said Vincent Chornet, President and CEO of Enerkem. "We are proud to collaborate with a leading Chinese bio-industrial partner to expand our commercial footprint."
"We are excited to partner with a leading Canadian cleantech company to help meet our country's commitment to reducing greenhouse gas emissions and move towards renewable energy," said Dr. Aihua Pan, Sinobioway's Chairman.
Sinobioway is a leading Chinese company engaged in the bio-economy. This group primarily invests in bio-energy, bio-environmental protection, bio-medicine, bio-agriculture, bio-service, bio-manufacturing, and bio-intelligence areas. With 4,000 employees, it is one of the three main industrial groups affiliated with Peking University. The company was founded in 1992 and is based in Beijing, China.