CALGARY, AB (August 18, 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 Westgen Technologies Inc. (Westgen). NGIF Cleantech Ventures invested in Westgen’s financing round alongside lead investor ARC Financial through ARC Energy Fund 9, and Idea Well Capital Partners.
Westgen has experienced rapid growth since its formation in 2019 and is fast becoming the de-facto solution for methane emissions reduction on North American oil and gas production sites. Their flagship product, Engineered Power on Demand (EPOD), is a proven solution that eliminates up to 99.5% of emissions from pneumatic devices, while decreasing operating costs and improving overall site reliability. Through a proprietary combination of optimization software and solar-hybrid power generation technology, the EPOD system provides reliable and low emissions solutions for off-grid power, heating, and instrument air.
Image: Westgen Engineered Power on Demand (EPOD)
“We are really excited to partner with cleantech startup Westgen to bring to market a solution that is aimed squarely at addressing one of the biggest pain points in the oil and gas sector – methane emissions from pneumatic devices.” said John Adams, NGIF Cleantech Ventures Managing Partner. “By choosing instrument air instead of instrument gas to actuate pneumatic devices on site, producers can essentially eliminate methane venting through the use of EPOD”
“NGIF has been an important supporter since our very early days. We have found great value in our relationship, the support through their innovation fund, and the field deployments through their Emissions Testing Centre,” said Connor O’Shea, Westgen CEO and Co-Founder. “This latest investment from NGIF Cleantech Ventures will allow us to continue building that relationship as we look to accelerate our commercial roll out and reach new customers.”
“The elimination of methane venting is a top concern for the gas industry in Canada. Investments in innovative companies such as Westgen provide a clear and economically viable pathway for the natural gas industry to meet their emissions reductions target and I am pleased to see NGIF’s support for such innovative solutions,” said Timothy M. Egan, President and CEO of the Canadian Gas Association (CGA).
About NGIF Cleantech Ventures
NGIF Cleantech Ventures is a $55 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.
About Westgen Technologies
Westgen is a clean energy technology company based in Calgary, Alberta focused on empowering the energy evolution. We believe that the world’s energy systems evolve over time to reflect the needs and values of society. Westgen’s purpose is to support the energy industry in this evolution and contribute to addressing the dual challenges of energy poverty and climate change.
President and CEO, NGIF Capital Corporation
Managing Partner, NGIF Cleantech Ventures