Ekona Power snags C$79m in Baker Hughes-led funding

Ekona Power, a Vancouver-based startup that is developing a novel hydrogen production technology, has secured C$79 million in financing.

Ekona Power, a Vancouver-based startup that is developing a novel hydrogen production technology, has secured C$79 million in financing. Baker Hughes led the round, with participation from Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures and BDC Capital. The funds raised will support commercialization of Ekona’s methane pyrolysis technology platform.

PRESS RELEASE

VANCOUVER, British Columbia–(BUSINESS WIRE)–Ekona Power Inc., a Vancouver-based venture that is developing a novel hydrogen production technology, today announced its close of a CAD $79 million equity investment. The investment will help support the commercial readiness of Ekona’s novel methane pyrolysis technology platform, which produces clean and low-cost hydrogen. Led by Baker Hughes, the funding round also received participation from prominent partners, including Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures, and BDC Capital.

Hydrogen is a promising pathway for reducing greenhouse gas emissions in transportation, heat and power, as well as many tough-to-decarbonize industries. However, to fully unlock its true potential, hydrogen production must be both clean and low cost. Ekona’s novel methane pyrolysis solution disassociates feedstock methane into hydrogen and solid carbon, thereby drastically reducing CO2 emissions. 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.

“We are excited to close this significant milestone for our organization as we become one step closer to commercializing our technology. We would like to thank all our investors and stakeholders for their investment, passion, and commitment to our technology. We believe that to facilitate the smooth application of hydrogen across global markets, we need a solution that is clean, scalable, and economically viable. Therefore, Ekona’s technology has been developed to produce hydrogen at costs on par with conventional steam methane reformers, while considerably reducing greenhouse gas emissions,” said Chris Reid, Chief Executive Officer, Ekona Power Inc.

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.