Participated · Equity · Feb 2022

Ekona Power Inc. develops a pulsed methane pyrolysis (PMP) reactor, branded xCaliber™, that dissociates methane into hydrogen and solid carbon using combustion and high‑speed gas dynamics. Its system is catalyst‑free, uses minimal electricity and no water, requires no carbon‑dioxide sequestration, and is designed to be low‑cost, scalable and compatible with existing natural‑gas infrastructure. Ekona states the process can reduce greenhouse‑gas emissions by up to 90% compared with conventional hydrogen production methods. The company is expanding its Burnaby test facility and will build and test a pilot Customer Demonstration Plant called Ekona Gold Creek, a 1‑tonne‑per‑day unit to be deployed at Arc Resources' Gold Creek gas plant. That plant is planned to be built, commissioned and tested in 2025 for operations in 2026. NRCan has supported Ekona since 2020 and the current project is intended to validate performance against commercial targets and explore decarbonization of British Columbia's natural gas network. Ekona Power is a Vancouver-based venture developing a novel methane pyrolysis platform that disassociates feedstock methane into hydrogen and solid carbon, substantially reducing CO2 emissions. The technology is built on principles of combustion and high-speed gas dynamics and is designed to be low-cost, scalable, and flexibly sited wherever natural gas infrastructure exists. Ekona says its solution can produce hydrogen at costs on par with conventional steam methane reformers while considerably reducing greenhouse gas emissions. The company plans to use the recently raised capital to advance commercial readiness and commercialization of the technology. Ekona was selected by Breakthrough Energy Solutions Canada in 2020 and was named to the 2022 Global Cleantech 100. Fort Capital Partners acted as financial advisors and Blake Cassels & Graydon LLP served as legal counsel on the transaction.