EnerPure raises US$35M to build first commercial used-oil recycling plant
What's the deal? Calgary cleantech company EnerPureDealroom has a profile for this one. Try Dealroom → has raised US$35 million (~C$49 million) in growth equity financing to commercialize its technology for converting used motor oil into low-sulphur marine fuels. Rice Investment Group (RIG)Dealroom has a profile for this one. Try Dealroom →, a US energy-focused fund, led the round, with Canada Growth Fund (CGF)Dealroom has a profile for this one. Try Dealroom → contributing US$20 million (~C$28 million).
What's the endgame? EnerPure uses a small-scale, modular process to upgrade used motor oil — a petroleum-derived waste product — into drop-in fuels compatible with existing marine engines. The new capital will fund construction of its first commercial facility in Alberta, with operations targeted for 2028.
Why now? Founded in 2009 in Manitoba and now headquartered in Calgary, EnerPure has demonstrated its technology at pilot scale and is moving to commercial deployment. Its fuels are designed to meet International Maritime Organization 2020 sulphur standards, targeting regional volumes often underserved by traditional re-refining infrastructure.
By the numbers: The round ranks around the 47th percentile by size — a mid-sized raise rather than an outlier. CGF has now invested more than $1 billion in clean technologies.
"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.
EnerPure president and chief executive officer Rick Koshman said the focus is now on execution: "completing engineering, advancing construction and bringing our first commercial facility into operation."
The signal: The deal reflects growing appetite for circular-economy solutions in hard-to-abate sectors like shipping. By anchoring a waste-to-value process in Canada, CGF aims to catalyse further private capital into the country's clean-fuels ecosystem.
Image credit: EnerPure
Read more: Associated Press
