OGDEN, Utah, Nov. 17, 2021 /CNW/ -- Qnergy, the world's leading manufacturer of clean, reliable, electric power based on Stirling engines, today announced the closing of a $16 million Series C funding round led by OGCI Climate Investments ("CI") with participation from Tene Capital ("Tene").
Qnergy will use the increased investment to fund cost saving engineering and manufacturing capabilities, and to further accelerate the deployment of its products. The company's Compressed Air Pneumatics (CAP) product, CAP3, helps customers eliminate methane emissions by converting the methane into a useable energy source.
"We are grateful for the support, vote of confidence and mostly the opportunity to continue working with the OGCI Climate Investments team in pursuing our joint mission of eliminating methane emissions form the natural gas supply chain" said Dr. Ory Zik, Qnergy's CEO. "The funding will help us accelerate deployment across the natural gas sector in North America and globally, while expanding to other markets."
Qnergy's CAP3 product has been deployed extensively across the North American gas market, replacing highly emitting pneumatic devices powered by pressurized natural gas. Data from TotalEnergies, an OGCI member, that is now in the process of deploying hundreds of those systems, has shown that up to 98% of the methane emissions could be eliminated using Qnergy's product. Beyond the energy sector, Qnergy has developed a biogas system to turn methane from food waste and livestock waste into electricity and useful heat.
Pratima Rangarajan, CEO of OGCI Climate Investments, said: "Qnergy's technology has been proven to eliminate methane emissions in real-world conditions. We are delighted to be providing capital and the market development support they need to accelerate their business and deliver even more impact."
Two senior OGCI Climate Investment representatives - Avi Sahi, Chief Commercialization Officer, and Jonathan Yellen, Investment Director - will join the board of Qnergy to provide further strategic counsel and commercialization support through OGCI's unique energy ecosystem network.
Qnergy provides power solutions that work reliably with a broad range of heat sources including raw natural gas and biogas. Qnergy's Stirling engines are enclosed, frictionless external combustion systems that require no lubrication, oil-change or repair and can deliver tens of thousands of hours of uninterrupted operation. Qnergy leverages it's reliable off-grid power to help customers eliminate methane emissions. This includes driving air compressors that help the natural gas industry eliminate methane emission from pneumatic devices, and using biogas from organic waste to deliver on-site power. Learn more https://www.qnergy.com/
About OGCI Climate Investments
OGCI Climate Investments manages a US$1B+ fund that seeks to accelerate global implementation of low carbon solutions which will deliver meaningful and measurable carbon reduction. It achieves this by collaborating with its portfolio companies, OGCI members, governments, business partners, end customers and co-investors. OGCI Climate Investments was established in 2017 by the Oil & Gas Climate Initiative, a CEO-led initiative of 12 global energy firms that aims to accelerate the industry response to climate change. Since inception the fund has made a total of 23 investments in the energy, industrial, commercial transport and buildings sectors. Visit https://www.ogci.com/climate-investments/
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