The Calgary clean-tech company closed a $35M all-equity round led by Rice Investment Group to build its first used motor oil recycling plant in Alberta, targeting 2028 commercial production.
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EnerPure Inc. has closed a US$35 million all-equity round to build its first commercial plant that turns used motor oil into lower-carbon marine fuel. Rice Investment Group led the financing, with Canada Growth Fund Inc. joining as co-investor. The Calgary-based company also holds a C$6.2 million grant from Emissions Reduction Alberta, announced July 20.
The money will fund construction of the Alberta Commercial Plant, cover non-recurring engineering costs, repay some debt, and provide working capital. A second plant is already in early development. ATB Capital Markets Corp. advised EnerPure on the raise.
“Closing this financing is a transformational milestone,” CEO Rick Koshman said in a statement. “It moves us from development into commercial deployment.” He said Rice and Canada Growth Fund bring “deep energy, investment, operational and commercialization expertise.”
The Alberta plant is targeted for completion and commissioning in the first half of 2028, with nameplate capacity expected within the first quarter of operations. EnerPure uses a proprietary modular process to recycle used motor oil into marine fuel that the company says has a lower carbon intensity than conventional bunker fuel.
Canada Growth Fund is a C$15 billion federal investment vehicle designed to absorb risks and catalyze private capital in low-carbon projects. Rice Investment Group is rooted in the Rice family’s Appalachian shale history, including the founding of Rice Energy, which EQT Corp. acquired in 2017. That connection gives EnerPure access to operational experience in scaling energy infrastructure, Koshman said.
Board changes followed the closing. Ryan Kanto and Andrea Decore joined the board alongside Koshman, John Cooper, and Robert Peterson. Albert Krahn, Paul Paradis, and Rachel Carroll stepped down. Founder Todd Habicht moved to Chairman Emeritus and Senior Executive Advisor.
“I thank our shareholders for their support,” Habicht said. He also thanked the departing directors for their service.
The used motor oil recycling market is fragmented, with much of the waste oil burned or improperly disposed of. EnerPure’s technology offers a repeatable, modular solution, and the company plans to deploy additional plants across North America. The Alberta Commercial Plant will serve as the template for that expansion.
The company spent the past several months assembling its development and commercialization team. Koshman said the team is now in place and ready to execute on the Alberta plant.
For context on the energy infrastructure side, see EQT’s stock page for the acquirer of Rice Energy, and the commodities analysis section for broader marine fuel market trends.
EnerPure expects the Alberta plant to reach full capacity within its first quarter of operations, with commercial production beginning in the second half of 2028.
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