EnerPure receives $28M investment to advance used motor oil recycling technology
EnerPure uses a small-scale, modular approach to transform used oil into a usable secondary product
Canada Growth Fund Inc. (CGF) is making a massive investment in EnerPure Inc., a Calgary-based cleantech company developing a proprietary small-scale, modular recycling process to convert used motor oil (UMO) into low-sulphur marine fuel. The $28 million investment is part of a larger $49 million growth equity investment led by Rice Investment Group.
An innovative approach to transform a commonly wasted product
By investing in EnerPure, CGF is enabling the scale-up of a made-in-Canada waste-to-value process that upgrades UMO, a petroleum-derived waste product, into drop-in marine fuels compatible with existing marine vessel engines. This investment directly supports the construction of EnerPure's first commercial recycling facility in Alberta, anchoring the company's core technology, engineering, and operating expertise in Canada, while contributing to the creation of high-quality jobs and catalyzing further private-sector capital into the country's clean-fuels ecosystem.
"With more than $1 billion invested in clean technologies, CGF is helping innovative Canadian companies like EnerPure bring proven solutions to market. This investment will advance the construction of its first commercial facility and accelerate the deployment of a scalable, repeatable recycling platform," said Yannick Beaudoin, president and CEO of Canada Growth Fund Investment Management. "By investing in EnerPure at this pivotal stage of growth, CGF is pleased to support the commercialization of a Canadian-developed circular-economy solution in a hard-to-abate sector."
"EnerPure has developed a compelling platform with a differentiated approach to converting UMO into valuable marine fuels. We believe the combination of an attractive market opportunity, a scalable business model and a management team with deep project execution experience positions the Company well for its next phase of growth," said Ryan Kanto, partner at RIG. "We are pleased to lead this financing alongside CGF and to support EnerPure's team as they advance construction of the first commercial facility."
"This financing marks an important milestone for EnerPure and provides the capital required to advance construction of our first commercial facility in Alberta. We are excited to partner with investors who share our vision and support the execution of our growth plan as we demonstrate the commercial value of our technology at scale," said Rick Koshman, president and CEO of EnerPure. "Our focus is now on execution: completing engineering, advancing construction, and bringing our first commercial facility into operation. We appreciate the confidence shown by our investors and look forward to delivering on the milestones ahead."
