Americas News
Used Motor Oil-to-Marine Fuels Firm EnerPure Raises $35 Million
Canadian firm EnerPure has raised $35 million to fund its first commercial plant in Alberta to recycle used motor oil into lower-carbon-intensity marine fuels.
The all-equity financing was led by Rice Investment Group, with Canada Growth Fund participating as a co-investor, the company said in an announcement last week.
The money will go towards developing and building the Alberta commercial plant, covering engineering costs and working capital, while also advancing a second plant.
EnerPure recycles used motor oil into lower-carbon-intensity marine fuels.
The Alberta plant is expected to be completed and commissioned in the first half of 2028, with the company targeting nameplate capacity within its first quarter of operations.
“Closing this financing is a transformational milestone for EnerPure," Rick Koshman, President and CEO of EnerPure, said.
"It moves us from development into commercial deployment and, together with the ERA grant, provides the capital required to build, commission and commence operations at our first commercial recycling plant,”
The financing follows a separate CA$6.2 million grant from Emissions Reduction Alberta announced in July.
EnerPure claims its patented process uses technology that has been used in an adjacent industry for more than a century and produces marine fuel with 14.6% lower carbon intensity, according to its website.
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