Back to All transactions

Ekona Power receives investment from Baker Hughes & BDC Capital

Transaction Details

Click here to view the original press release

Ekona Power Inc. (“Ekona” or the “Company”) has announced the completion of a financing (the “Investment”) with Baker Hughes (NYSE:BKR) (“Baker”), an energy technology company, and BDC Capital (“BDC”). The Investment represents a first close, with funding from additional investors expected in the coming months.

The Investment will be used to accelerate the scaling and industrialization of Ekona’s novel methane pyrolysis solution. Ekona’s reactor technology uses combustion and high-speed gas dynamics to dissociate methane into hydrogen and solid carbon, drastically lowering carbon dioxide emissions. The solution is innovative, low-cost, scalable and integrates with industry-standard equipment.

The funding comes at a crucial time when the world is looking for viable economic solutions to address how clean hydrogen is produced. “At Ekona, we are deeply committed to delivering cleaner energy solutions that cost-effectively address industry pain points. Our innovative technology has the potential to produce hydrogen at costs on par with conventional steam methane reformers while drastically reducing greenhouse gas emissions. In addition, our solution isn’t reliant on CO2 sequestration, so it has the potential to be quickly and broadly deployed across various industries and market regions,” said Chris Reid, Chief Executive Officer of Ekona “This important investment from Baker Hughes, an established global player, is a key step to commercializing our technology”.

Ekona has been supported by numerous partners, including the BC Innovative Clean Energy (ICE) Fund, National Research Council (NRC), Natural Resources Canada (NRCan), Breakthrough Energy Solutions Canada (BESC) Program, Emissions Reduction Alberta (ERA), the Natural Gas Innovation Fund (NGIF) and Pacific Economic Development Canada. In addition, BDC Capital’s Cleantech Practice invested in 2020 to help fund Ekona’s technology development program.

Matt Stanley, Director with BDC Capital’s Cleantech Practice, said, “We are pleased to invest alongside Baker Hughes and excited to continue to support Ekona to advance its clean hydrogen technology. Ekona has the potential to play a critical role in the decarbonization and transformation of Canada’s energy and industrial sectors.”

Fort Capital Partners acted as financial advisor to Ekona in the Investment and Blake, Cassels & Graydon LLP served as legal counsel to the Company.