Ekona Power closes clean hydrogen investment round

Vancouver-based Ekona Power has closed a C$79mn (US$62mn) equity investment, it said February 1, which will provide funds to support the commercialisation of a methane pyrolysis technology platform to produce clean and low-cost hydrogen.

The technology has broad applications for decarbonising natural gas transmission and distribution as well as upgrading, refining, power generation, chemicals manufacturing and steel production, Ekona said.

The funding round was led by Baker Hughes, with support from Mitsui, Severstal, ConocoPhillips, TransAlta, Continental Resources, NGIF Cleantech Ventures, and BDC Capital’s Cleantech Practice.

“We are excited to close this significant milestone for our organisation as we become one step closer to commercialising our technology,” said Chris Reid, Ekona Power CEO. “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.” 

Ekona was recently named one of the 2022 Global Cleantech 100 companies.