Ekona Power closes CAD 79M Series A to advance pulsed methane pyrolysis technology for clean hydrogen production
Ekona Power Inc., a Vancouver-based company developing a new methane pyrolysis technology platform that produces clean, low-cost hydrogen, closed a Series A round of C$79 million ($62 million). US dollars). Led by Baker Hughes, the financing round also received participation from partners such as Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures and BDC Capital.
The current industry standard for hydrogen production, steam methane reforming, produces a significant amount of CO2 emissions. Ekona’s Pulsed Methane Pyrolysis (PMP) solution breaks down feedstock methane into hydrogen and solid carbon, dramatically reducing CO2 emissions.
The PMP uses the pulsed injection of thermal and mechanical energy, which results in the automatic removal of carbon buildup due to unstable flow. 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.
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.