Ekona Power, a Vancouver-based company developing a novel hydrogen production technology, has closed a CAD $79 million equity investment.
Ekona’s novel methane pyrolysis technology platform, which produces clean and low-cost hydrogen, will benefit from the investment, which will help it reach commercial readiness. Baker Hughes led the funding round, which included Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures, and BDC Capital as well as other notable partners.
Hydrogen is a promising way to cut greenhouse gas emissions in transportation, heat and power, and a variety of other hard-to-decarbonize industries. Hydrogen production, on the other hand, must be both clean and low-cost in order to fully realize its full potential. Ekona’s novel methane pyrolysis solution breaks down feedstock methane into hydrogen and solid carbon, lowering CO2 emissions dramatically. The platform is low-cost, scalable, and can be flexibly sited wherever natural gas infrastructure exists, thanks to its foundation in combustion and high-speed gas dynamics.
“We are excited to close this significant milestone for our organization as we become one step closer to commercializing our technology. We would like to thank all our investors and stakeholders for their investment, passion, and commitment to our technology. We believe that to facilitate the smooth application of hydrogen across global markets, we need a solution that is clean, scalable, and economically viable. Therefore, Ekona’s technology has been developed to produce hydrogen at costs on par with conventional steam methane reformers, while considerably reducing greenhouse gas emissions,” said Chris Reid, Chief Executive Officer, Ekona Power Inc.
Breakthrough Energy Solutions Canada (BESC) selected Ekona as one of ten Canadian cohort companies developing promising high-impact climate solutions in 2020, and it was recently named one of the Global Cleantech 100 companies for 2022.
