EnerPure secures USD35m to commercialise UMO-to-low-sulphur marine fuel technology

Canada Growth Fund (CGF) recently announced an investment of USD 20 million in EnerPure, a Calgary-based cleantech company that has developed a proprietary small-scale, modular recycling process to convert used motor oil (UMO) into low-sulphur marine fuels. 

This transaction forms part of a USD 35 million growth equity financing led by Rice Investment Group (RIG), a U.S.-based multi-strategy investment fund focused on the energy sector.

By investing in EnerPure, CGF is enabling the scale-up of a made-in-Canada waste-to-value process that upgrades UMO, a petroleum-derived waste product, into drop-in marine fuels compatible with existing marine vessel engines. This investment directly supports the construction of EnerPure’s first commercial recycling facility in Alberta, anchoring the Company’s core technology, engineering and operating expertise in Canada, while contributing to the creation of high-quality jobs and catalyzing further private-sector capital into the country’s clean-fuels ecosystem.

“With more than $1 billion invested in clean technologies, CGF is helping innovative Canadian companies like EnerPure bring proven solutions to market. This investment will advance the construction of its first commercial facility and accelerate the deployment of a scalable, repeatable recycling platform,” said Yannick Beaudoin, President and Chief Executive Officer of Canada Growth Fund Investment Management (CGFIM). 

“By investing in EnerPure at this pivotal stage of growth, CGF is pleased to support the commercialization of a Canadian-developed circular-economy solution in a hard-to-abate sector.”

“EnerPure has developed a compelling platform with a differentiated approach to converting UMO into valuable marine fuels. 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. 

“We are pleased to lead this financing alongside CGF and to support EnerPure’s team as they advance construction of the first commercial facility.”

“This financing marks an important milestone for EnerPure and provides the capital required to advance construction of our first commercial facility in Alberta. We are excited to partner with investors who share our vision and support the execution of our growth plan as we demonstrate the commercial value of our technology at scale,” said Rick Koshman, President and Chief Executive Officer of EnerPure. 

“Our focus is now on execution: completing engineering, advancing construction and bringing our first commercial facility into operation. We appreciate the confidence shown by our investors and look forward to delivering on the milestones ahead.”

Founded in 2009 in Manitoba and now headquartered in Calgary, EnerPure is a Canadian cleantech company advancing a proprietary process designed to upgrade UMO into International Maritime Organization (IMO) 2020-compliant marine fuels. 

Through its small-scale, modular approach, the company aims to create a scalable network of recycling facilities capable of economically processing regional UMO volumes often underserved by traditional re-refining infrastructure.

Having successfully demonstrated the technology at pilot scale, the company is now advancing its first commercial-scale facility, with operations targeted for 2028.

Photo credit: Canada Growth Fund, EnerPure
Published: 25 August, 2026