Ekona Power raises $3.0 million from BDC Capital to accelerate its clean hydrogen technology
by CM Staff
Ekona's pulsed-methane pyrolysis (PMP) solution converts natural gas feedstock into hydrogen and solid carbon, virtually eliminating CO2 emissions.
VANCOUVER — Ekona Power Inc. has entered into a Convertible Debenture with BDC Capital that will help the company develop its technology for low cost, clean hydrogen production. The Convertible Debenture is valued at $3.0 million, which provides Ekona with needed capital for its technology development program and supports its Series A-round, which will take place in 2021.
Ekona’s pulsed-methane pyrolysis (PMP) solution converts natural gas feedstock into hydrogen and solid carbon, virtually eliminating CO2 emissions. Ekona’s patent-pending PMP reactor uses the principles of pulse-combustion and high-speed gas dynamics to dissociate feedstock methane. This unique reactor is low-cost, scalable and solves carbon fouling issues that plague other pyrolysis platforms. Ekona is targeting industrial hydrogen and natural gas decarbonization markets for its low cost clean hydrogen, and is seeking to leverage new markets for byproduct carbon that can further reduce its hydrogen production costs.
“We are very pleased to be collaborating with BDC Capital. Their support enables us to maintain our development program and timeline, despite the challenging backdrop of this past year. The BDC is an excellent partner for Ekona and it’s gratifying to be working with an organization that is motivated to support positive climate action, while understanding the needs of clean technology startups.” said Chris Reid, CEO Ekona Power Inc.
“Clean hydrogen production will play a key role in Canada’s clean energy future. The economic and environmental opportunities for our workers and communities are real. There is global momentum, and thanks to the work of companies like Ekona Power, Canada is harnessing it.” said the Honourable Seamus O’Regan Jr., Canada’s Minister of Natural Resources.