Ekona Power Inc. Receives C$79 Million Equity Investment to Commercialize Clean Hydrogen Technology

  • The financing round was led by Baker Hughes, with support from leading partners including Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures and the cleantech practice of BDC Capital.

  • The funds raised will support Ekona in the commercialization of its new methane pyrolysis technology platform to produce clean, low-cost hydrogen.

  • The technology will be used to decarbonize multiple markets, including upgrading, refining, power generation, chemical manufacturing, steel production, and natural gas transmission and distribution.

VANCOUVER, British Columbia, February 01, 2022–(BUSINESS WIRE)–Ekona Power Inc., a Vancouver-based company developing new hydrogen generation technology, today announced the closing of a C$79 million equity investment. The investment will help support the commercial readiness of Ekona’s new methane pyrolysis technology platform, which produces clean, low-cost hydrogen. Led by Baker Hughes, the funding round also received participation from high-profile partners including Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures and BDC Capital.

Hydrogen is a promising way to reduce greenhouse gas emissions in transport, heat and electricity, as well as many hard to decarbonize Industries. However, to fully unlock its true potential, hydrogen production must be both clean and inexpensive. Ekona’s new methane pyrolysis solution splits feedstock methane into hydrogen and solid carbon, significantly reducing CO2 emissions. Built on the principles of high velocity gas combustion and dynamics, the platform is inexpensive, scalable and can be flexibly located anywhere natural gas infrastructure exists.

“We are thrilled to take this important step for our organization as we get closer to commercializing our technology. We would like to thank all of our investors and stakeholders for their investment, passion and commitment to our technology. We believe that To facilitate the application of hydrogen to global markets, we need a clean, scalable and economically viable solution, therefore Ekona’s technology has been developed to produce hydrogen at low cost. comparable to those of conventional steam methane reformers, while significantly reducing greenhouse gas emissions,” said Chris Reid, President and CEO, 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 was recently named one of the 2022 Global Cleantech 100 Companies.

Fort Capital Partners acted as financial advisor and Blake Cassels & Graydon LLP acted as legal advisor to Ekona.

Investor Details

  • hugue baker
    Baker Hughes is an energy technology company that provides solutions to energy and industrial customers worldwide. Backed by a century of experience and with operations in more than 120 countries, our innovative technologies and services drive energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at www.bakerhughes.com.

  • Mitsui & Co., Ltd.
    Mitsui is a global trading and investment company and has a diversified business portfolio that spans approximately 63 countries and approximately 5,500 employees. Mitsui has built a strong and diversified core business portfolio spanning the mineral and metal resources, power, machinery and infrastructure, and chemicals industries. Leveraging its strengths, Mitsui has further diversified beyond its core profit pillars to create multi-faceted value in new areas, including innovative energy solutions. Visit us at www.mitsui.com.

  • Severstal
    PАО Severstal is one of the most efficient metal and mining companies in the world, working with customers and partners to create new products and integrated solutions from steel. The company’s assets are located in Russia, Latvia and Poland. Severstal is listed on the MOEX and the company’s GDRs are traded on the LSE. Severstal reported revenue of $6.87 billion and EBITDA of $2.422 billion in 2020. Severstal’s crude steel production in 2020 reached 11.3 million tons. Visit us at www.severstal.com.

  • Conoco Phillips
    Headquartered in Houston, Texas, ConocoPhillips had operations and businesses in 14 countries, $87 billion in total assets and approximately 9,900 employees as of September 30, 2021. Production outside Libya averaged 1,514 MBOEDs for the nine month ended September 30, 2021, and proved reserves were 4.5 BBOE as of December 31, 2020. For more information, please visit www.conocophillips.com.

  • Trans Alta
    TransAlta owns, operates and develops a diverse fleet of power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with clean, affordable, energy-efficient and reliable power. Today, TransAlta is one of Canada’s largest wind power producers and Alberta’s largest hydroelectric power producer. For more than 100 years, TransAlta has been a responsible operator and a proud member of the community where its employees work and live. TransAlta aligns its corporate goals with the United Nations Sustainable Development Goals. Visit us at www.transalta.com.

  • Continental Resources
    Continental Resources (NYSE: CLR) is one of the top 10 independent oil producers in the United States and a leader in America’s energy renaissance. Based in Oklahoma City, Continental is the largest tenant and producer of the nation’s premier oilfield, the Bakken area of ​​North Dakota and Montana. The Company also holds significant positions in the SCOOP and STACK areas of the Anadarko Basin in Oklahoma and newly acquired positions in the Powder River Basin in Wyoming and the Permian Basin in Texas. With a focus on oil exploration and production, Continental has unlocked the technology and resources vital to America’s energy independence and our nation’s leadership in the new global oil market. In 2022, the Company will celebrate 55 years of activity. Visit us at www.CLR.com.

  • NGIF Cleantech Ventures
    NGIF Cleantech Ventures is a $50 million industry-led venture capital fund that invests in equity in early-stage startups. The Fund’s objective is to transform advanced clean technology companies into commercial-scale enterprises. The Fund primarily invests in companies that provide solutions that lead to emission reductions and other environmental benefits. These solutions typically focus on existing natural gas generation, transmission, distribution, storage and end-use applications, as well as increasing renewable natural gas and hydrogen production. Visit us at www.ngif.ca.

  • BDC Capital
    BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With more than $3 billion under management, BDC Capital is a strategic partner for the country’s most innovative companies. It offers businesses a full range of capital, from seed investment to growth capital, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit us at www.bdc.ca/capital.

About Ekona Power Inc.

Ekona is a Vancouver-based company created by Evok Innovations and Innovative Breakthrough Energy Technology (IBET). Ekona is developing breakthrough technology that is transforming the way we produce clean hydrogen. Our solution is an innovative, low-cost methane pyrolysis platform that converts natural gas into hydrogen and solid carbon, dramatically reducing greenhouse gas emissions. Visit us at https://www.ekonapower.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220201005514/en/


Anuneet Makan
Marketing Communications Magnolia
[email protected]
+1 (604) 339-6671

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