Ekona Power closes CAD 79M Series A to advance pulsed methane pyrolysis technology for clean hydrogen production
Ekona Power Inc., a Vancouver-based company that is developing a novel methane pyrolysis technology platform which produces clean and low-cost hydrogen, closed a CAD $79-million (US$62-million) Series A round. Led by Baker Hughes, the funding round also received participation from partners including 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 disassociates feedstock methane into hydrogen and solid carbon, thereby significantly reducing CO2 emissions.
PMP uses the pulsed injection of thermal and mechanical energy, resulting in the automatic removal of carbon-buildup due to unsteady flow. 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.
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 most recently named one of the 2022 Global Cleantech 100 companies.
Fort Capital Partners acted as financial advisors and Blake Cassels & Graydon LLP served as legal counsel to Ekona.