TransAlta Announces Early-Stage Hydrogen Investment in Ekona Power Inc.
CALGARY, AB, Feb. 1, 2022 /PRNewswire/ - TransAlta Corporation ("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced today that it has made a $2 million equity investment in Ekona Power Inc.'s ("Ekona") Series A funding round. The investment will help support the commercialization of Ekona's novel methane pyrolysis technology platform, which produces cleaner and lower-cost turquoise hydrogen.
The investment will provide TransAlta with a seat on Ekona's Strategic Committee, whose members will receive project updates, guide development and become priority commercialization partners if the technology is successful. TransAlta believes hydrogen, as a fuel source, is a promising pathway to decarbonize the electricity sector and provide dispatchable, net-zero generation.
"We are excited to make this early-stage hydrogen investment. Ekona has taken an innovative approach to its technology development, directly addressing the issues of high production costs and emissions from current conventional hydrogen production methods," said John Kousinioris, President and Chief Executive Officer of TransAlta. "If successful, Ekona's technology will provide low-cost hydrogen to fuel clean, reliable, and dispatchable electricity generation," added Mr. Kousinioris.
"We are very pleased to be working with TransAlta. Electrical power generation is a key market for Ekona's low-cost clean hydrogen, and our collaboration with TransAlta, a leader in this market, will be instrumental in achieving effective and economical decarbonization of large scale dispatchable electrons," said Chris Reid, Chief Executive Officer of Ekona.
Ekona's technology uses the decomposition of natural gas to produce hydrogen and solid carbon and has the potential to offer cost-effective hydrogen production with 90%+ fewer emissions than conventional steam methane reformer technologies. Built on the principles of combustion and high-speed gas dynamics, if successful, the platform would be low-cost, scalable, and could be sited wherever natural gas infrastructure exists.
About Ekona Power Inc.
Ekona is a Vancouver-based venture established by Evok Innovations and Innovative Breakthrough Energy Technology (IBET). Ekona is developing a revolutionary technology that transforms the way we produce clean hydrogen. Ekona's solution is an innovative and low-cost methane pyrolysis platform that converts natural gas into hydrogen and solid carbon, drastically reducing greenhouse gas emissions. Visit their website at ekonapower.com for more information.