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VARENNES, Que. — Enerkem and a group of partners, including Shell, Suncor Energy Inc. and Hydro-Quebec plan to spend $876 million to build a biofuel production plant in Quebec from non-recyclable residual materials and wood waste.
Varennes Carbon Recycling will use electrolysis to transform excess hydroelectricity capacity and more than 200,000 tonnes of waste annually into nearly 125 million litres of biofuels and renewable chemicals.
The project is valued at $876 million, including $687 million for the plant.
The Quebec government is providing a loan of up to $80 million as well as an investment in preferred shares of up to $80 million. The federal government is investing $74 million in the project.
Hydro-Quebec is investing more than $190 million to install an 87-megawatt electrolyzer for the production of green hydrogen.
The project is expected to create more than 500 jobs during construction of the plant and close to 100 jobs during its operation.
“It is a major achievement for Enerkem to have its second full-scale commercial plant become a reality, showcasing our unique clean disruptive technology that transforms waste to biofuels and renewable chemicals,” stated Enerkem CEO Dominique Boies.
The company’s initial pilot project was in Westbury, Que., while its first commercial demonstration plant was located in Edmonton.
This report by The Canadian Press was first published Dec. 8, 2020.
Companies in this story: (TSX:SU)
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