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    Home > Chemicals Industry > Rubber Plastic News > Repsol acquires strategic stake in waste recycling company

    Repsol acquires strategic stake in waste recycling company

    • Last Update: 2023-01-30
    • Source: Internet
    • Author: User
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    Canada-based Enerkem is a producer of low-carbon-intensity biofuels and circular chemicals from waste
    .
    Recently, Enerkem announced that a new round of financing has closed, raising a total of 187 million euros

    .

    In addition to contributions from existing shareholders, including strategic investors Suncor Energy and Avenue Capital Group, this new funding round has attracted two new investors: Repsol and Monarch Alternative Capital
    .

    Repsol is a global multi-energy company with operations in 24 countries
    .
    The company has invested 122 million euros, including 54 million euros in equity in Enerkem and 68 million euros in convertible bonds, allowing it to increase its holdings over the next few years based on a range of financial variables

    .
    This investment is in line with its strategic focus on decarbonization and circularity to achieve its goal of becoming a net-zero emissions company by 2050

    .
    Repsol will also have a seat on Enerkem's board of directors

    .

    Monarch Alternative Capital, an investment firm with approximately $9.
    5 billion in assets under management, became a new €22 million investor in Enerkem, attracted by the potential of Enerkem's technology to reduce greenhouse gas emissions

    .

    Dominique Boies, CEO of Enerkem, said: "We are honoured to have high-quality international investors backing our vision and deploying our disruptive technology
    .
    "

    Repsol's investment in the Canadian company follows last year's announcement of a partnership with global water and waste management experts Agbar and Enerkem to build a waste-to-chemicals plant in Tarragona, Spain
    .
    The joint venture, called Ecoplanta Molecular Recycling Solutions, is building a new plant that will process around 400,000 tonnes of non-recyclable solid waste and produce nearly 240,000 tonnes of methanol annually

    .
    Scheduled for completion in 2026, the plant is the first of its kind on the Iberian Peninsula

    .
    It will be jointly managed by Repsol and Agbar, while Enerkem will be a key technology partner

    .
    According to the methodology of the European Commission's Innovation Fund, the project will achieve a reduction in greenhouse gas emissions of 3.
    4 million tonnes of carbon dioxide equivalent in its first ten years of operation

    .
    Out of more than 300 projects submitted by major European industrial groups last year, Ecoplanta Molecular Solutions was one of seven selected for financial support from the European Commission, with confirmed grants of up to €1.
    06

    .

    Repsol also sees other potential benefits
    .
    Juan Abascal, Executive Director of Industrial Transformation and Circular Economy at Repsol, said: “Enerkem has several projects at various stages of development that will help Repsol accelerate its circular economy initiatives and provide new solutions for low carbon fuels, synthetic fuels and The production of renewable chemical products opens up new avenues

    .

    Repsol has had a circular economy strategy in place since 2016 that spans the company's entire value chain, from obtaining raw materials to selling products and services
    .
    In 2019, Repsol was the first oil and gas company to set a target of net-zero emissions by 2050

    .
    It is transforming its industrial complex into a multi-energy hub capable of converting waste and other renewable raw materials into products with low carbon, zero carbon or even a negative carbon footprint

    .
    The company is investing in a circular economy, energy efficiency, renewable hydrogen and carbon dioxide capture, with technology as the main strategic pillar to achieve this

    .
    The company has also set itself a goal of recycling the equivalent of 20 percent of its polyolefin production by 2030

    .



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