Ekona Power low-cost clean hydrogen project gets $3M in BDC Capital fundingJanuary 26, 2021
The convertible debenture will be used to help the company to develop its new H2 technology.
Ekona Power Inc has announced that it has entered into a convertible debenture with BDC Capital for the purpose of funding a low-cost clean hydrogen project. The company is working on the development of its own tech for producing affordable greener H2.
The convertible debenture between Ekona Power and BDC Capital was valued at $3 million.
The funding provided Ekona Power with the necessary capital for its low-cost clean hydrogen technology development project. It also supports the company’s Series A-round, which will take place later this year.
The company’s H2 technology involves a pulsed-methane pyrolysis (PMO) solution. That PMP converts natural gas feedstock into hydrogen and solid carbon. In this way, the CO2 gas emissions are essentially eliminated from the H2 production process. The PMP reactor technology being developed by Ekona is currently patent-pending. It uses pulse-combustion and high-speed gas dynamic principles for the dissociation of feedstock methane.
The reactor’s process results in low-cost clean hydrogen and solves CO2 gas pollution issues.
This technology is unique primarily because it overcomes the carbon pollution issues that are inherent and problematic to other pyrolysis platforms. Ekona is focusing on industrial H2 and natural gas decarbonization markets for its hydrogen production. It is also aiming to leverage new byproduct carbon markets to further reduce the cost associated with the production of cleaner forms of H2.
Last year, Ekona Power was named by Breakthrough Energy Solutions Canada (BESC) as one of the ten cohort companies developing climate solutions that promise high impact.
“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 Ekona Power Inc CEO Chris Reid in a recent media release discussing the details of the convertible debenture for the low-cost clean hydrogen project.