Enerkem Inc. has filed its paperwork with the SEC for an initial public offering. The company did not list any terms of the IPO but its filing is for up to $125 million in common stock. It will be hard not to think of the Back to the Future scene here where Doc uses organic waste materials from Marty’s trash can to convert to fuel. The company develops renewable biofuels and chemicals from waste using a proprietary thermochemical technology platform.
Enerkem noted in the filing, “We intend to take advantage of the abundant supply of municipal solid waste, or MSW, which we expect to be paid to use as feedstock, to profitably produce cellulosic ethanol, a second-generation biofuel. We believe that our waste-based biofuels provide one of the most advanced solutions to the growing world demand for renewable sources of energy, while also addressing the challenges associated with waste disposal and greenhouse gas, or GHG, emissions.”
The company also noted that its pilot facility in Sherbrooke, Canada has been in operation since 2003 and has a throughput capacity of 4.8 metric tons per day.
Enerkem has applied to list its common shares on the NASDAQ Global Market under the symbol “NRKM” and on the Toronto Stock Exchange under the symbol “NKM.” Undewriters are as follows: Goldman Sachs, Credit Suisse, and BMO Capital Markets are the only underwriters listed in the prospectus. See the image below.
JON C. OGG