Vancouver, British Columbia-based Ekona Power has raised a C$3 million in convertible debenture financing from BDC Capital. The deal’s proceeds will support the company’s technology development and Series A round, which will take place this year. Ekona is developing a methane pyrolysis platform that delivers a clean, low-cost and scalable solution for industrial hydrogen production.
VANCOUVER, BC, Jan. 19, 2021 /CNW/ – Ekona Power Inc. has entered into a Convertible Debenture with BDC Capital that will help the company develop its novel 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. In 2020, Ekona was selected by Breakthrough Energy Solutions Canada (BESC) as one of ten Canadian cohort companies developing promising high-impact climate solutions.
Quote from Ekona
“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.”
Chris Reid, CEO Ekona Power Inc.
Quote from BDC Capital
“We are excited to support Ekona – a winner of Breakthrough Energy Solutions Canada – to accelerate the development and testing of its low-cost, clean hydrogen production technology. Ekona has the potential to help transform Canada’s energy and other hard-to-decarbonize sectors, while positively contributing towards a net-zero energy system.”
Jérôme Nycz, Executive Vice President, BDC Capital
Quote from Minister
“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 innovative work of companies like Ekona Power, Canada is harnessing it.”
The Honourable Seamus O’Regan Jr.
Canada’s Minister of Natural Resources
About Ekona Power Inc.
Ekona is a Vancouver-based venture established by Evok Innovations and Innovative Breakthrough Energy Technologies. Ekona is developing a novel methane pyrolysis platform that delivers a clean, low-cost and scalable solution for industrial hydrogen production. For more information about Ekona, please visit Ekona Power Inc.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.
About Breakthrough Energy Solutions Canada
Breakthrough Energy Solutions Canada (BESC) aims to support Canadian entrepreneurs and firms to enhance the pace and scale the adoption of clean energy technologies to help significantly reduce global GHG emissions from manufacturing, electricity, transportation and buildings. BESC is an initiative under the Natural Resources Canada (NRCan) flagship Energy Innovation Program, and is designed and delivered in partnership with Breakthrough Energy Ventures (BEV) and the Business Development Bank of Canada (BDC). To learn more about NRCan’s BESC program, please visit Breakthrough Energy Solutions Canada.