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Ekona Power Inc. (“Ekona” or the “Company”) has announced the completion of a $79 million Series A financing led by Baker Hughes, joined by Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures and BDC Capital’s Cleantech Practice. A first close of the transaction was announced in November of last year.
Treasury funds raised will support Ekona in the commercialization of its novel methane pyrolysis technology platform to produce cleaner and lower-cost hydrogen. The technology will serve to help decarbonize multiple markets, including upgrading, refining, power generation, chemicals manufacturing, steel production, as well as natural gas transmission and distribution.
Hydrogen is a promising pathway for reducing greenhouse gas emissions in transportation, heat, and power, as well as many tough-to-decarbonize industries. However, to fully unlock its true potential, hydrogen production must be both clean and low cost. Ekona’s novel methane pyrolysis solution disassociates feedstock methane into hydrogen and solid carbon, thereby drastically reducing CO2 emissions. Built on the principles of combustion and high-speed gas dynamics, the platform is low-cost, scalable, and can be flexibly sited wherever natural gas infrastructure exists.
“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. To facilitate the smooth application of hydrogen across global markets, we need a solution that is clean, scalable and economically viable. 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 of Ekona Power Inc.
In 2020, Ekona was selected by Breakthrough Energy Solutions Canada (BESC) as one of ten Canadian cohort companies developing promising high-impact climate solutions, and Ekona was most recently named as one of the 2022 Global Cleantech 100.
Fort Capital Partners acted as financial advisors and Blake Cassels & Graydon LLP served as legal counsel to Ekona in the placement of Series A shares.