CALGARY, AB (February 2, 2022) NGIF Cleantech Ventures (the Fund), a Canadian venture capital fund investing in cleantech innovation in the natural gas sector, today announced an equity investment in industrial-scale hydrogen production company Ekona Power Inc. (Ekona). Investing alongside NGIF Cleantech Ventures is a syndicate of world-class partners including Baker Hughes (NYSE: BKR), Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, and BDC Capital.
This strategic investment will accelerate the development of Ekona’s breakthrough technology that is transforming the way clean hydrogen is produced. Their patent-pending pulsed methane pyrolysis (PMP) solution converts methane into hydrogen and solid carbon, virtually eliminating CO2 emissions from the process.
“With their extensive experience developing and commercializing novel energy technologies and scaling cleantech projects, Ekona has what it takes to create transformative value for the natural gas sector,” said John Adams, NGIF Cleantech Ventures Managing Partner. “We are proud to partner with Chris and his team to accelerate the next stage of their growth while ‘greening the pipe’ by providing low-carbon hydrogen for blending.”
Ekona’s PMP reactor uses the principles of pulse-combustion and high-speed gas dynamics to dissociate feedstock methane. The proprietary reactor manages carbon fouling issues that plague other pyrolysis platforms. The PMP reactor can be integrated with existing industry-standard equipment for carbon separation and hydrogen purification, simplifying industrial process integration.
“We are excited to enter the next stage of our company’s growth with support from NGIF Cleantech Ventures, who share our desire to scale up clean technologies and help with the energy transformation,” said Chris Reid, Chief Executive Officer of Ekona. “This important strategic investment from NGIF Cleantech Ventures is a key step to commercializing our technology.”
“Canadians want and need the affordable, reliable, and clean energy they have come to expect from the natural gas industry. Investments in companies such as Ekona, which utilizes natural gas feedstock to produce hydrogen, will allow the rapid commercialization of environmentally friendly energy solutions.” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).
About NGIF Cleantech Ventures
NGIF Cleantech Ventures is a $50 million industry-led venture capital fund that makes equity investments in early-stage startups. The objective of the Fund is to grow cutting-edge clean technology companies into commercial-scale enterprises. The Fund primarily invests in companies that provide solutions that lead to emissions reductions and other environmental benefits. These solutions are typically focused on existing natural gas production, transmission, distribution, storage, and end-use applications, as well as increased production of renewable natural gas and hydrogen.
For more information, please visit ngif.ca
Ekona is a Vancouver-based hydrogen production company that is transforming the sector with ultra-low emission hydrogen. Ekona is developing a novel methane pyrolysis platform that delivers a clean, low-cost and scalable solution for industrial hydrogen production. For more information about Ekona, please visit Ekona Power Inc.
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NGIF Cleantech Ventures