Ekona Power has entered into a Convertible Debenture with BDC Capital that will help the company develop its novel technology for low cost, clean hydrogen production.
The Convertible Debenture is valued at $3.0 million, which provides Ekona with needed capital for its technology development program and supports its Series A-round, which will take place in 2021.
Ekona’s pulsed-methane pyrolysis (PMP) solution converts natural gas feedstock into hydrogen and solid carbon, virtually eliminating CO2 emissions.
Ekona’s patent-pending PMP reactor uses the principles of pulse-combustion and high-speed gas dynamics to dissociate feedstock methane. This unique reactor is low-cost, scalable and solves carbon fouling issues that plague other pyrolysis platforms.
Ekona is targeting industrial hydrogen and natural gas decarbonization markets for its low cost clean hydrogen, and is seeking to leverage new markets for byproduct carbon that can further reduce its hydrogen production costs.
In 2020, Ekona was selected by Breakthrough Energy Solutions Canada (BESC) as one of ten Canadian cohort companies developing promising high-impact climate solutions.
“We are very pleased to be collaborating with BDC Capital. Their support enables us to maintain our development program and timeline, despite the challenging backdrop of this past year. The BDC is an excellent partner for Ekona and it’s gratifying to be working with an organization that is motivated to support positive climate action, while understanding the needs of clean technology startups.”Chris Reid, CEO Ekona Power.
“We are excited to support Ekona – a winner of Breakthrough Energy Solutions Canada – to accelerate the development and testing of its low-cost, clean hydrogen production technology. Ekona has the potential to help transform Canada’s energy and other hard-to-decarbonize sectors, while positively contributing towards a net-zero energy system.”Jérôme Nycz, executive vice president, BDC Capital.