Slater Technology Fund Reinvests in Enhanced Energy Group
Providence, R.I., March 17, 2015 – In the aftermath of January’s conference on carbon capture technologies, which convened investors and strategic players defining the markets for CO2, the Slater Technology Fund announced today that it has committed another $100,000 to Enhanced Energy Group (EEG), a Rhode Island-based technology company commercializing a patented non-emissive co-generation system based on a family of technologies called Semi-Closed Cycle (SCC) engines, which produce both electricity and carbon dioxide (CO2) suitable for industrial markets. This additional infusion of capital brings the total amount invested by Slater to $250,000.
The company used the initial capital to fund a successful build-out of the semi-closed cycle piston engine, demonstrating purity of captured CO2 that substantially exceeded design requirements. In parallel, the company’s intellectual property, originally licensed from the U.S. Navy, has now been extended to the piston engine with both U.S. and international filings.
There is a robust existing market for the cost-effective production of CO2 to support enhanced oil recovery, and, at the same time, a long-term imperative to develop emissions-free energy, including generation from hydrocarbons with CO2 sequestration. Enhanced Energy Group applies its unique technology to internal combustion engines and turbines to produce the energy and capture the CO2 for productive re-use on site. The company currently targets customers in the petroleum production industry, whose prolific consumption of CO2 topped 65 million tons in 2012, an amount severely constrained by existing pipeline infrastructure. By combining a distributed generation business model, anthropogenic CO2 and electricity co-generation, EEG believes it can fundamentally change the economics of energy and CO2 generation in the oil field services sector.
“The new government regulations around CO2 emissions and carbon capture have created a tremendous tailwind for EEG’s technology,” said Thorne Sparkman, the managing director for the Slater Technology Fund responsible for energy investing. “The company is at the forefront of energy startups that see the overabundance of CO2 as a business opportunity. We believe that EEG is developing the technology, building the team, and scaling the business that will define the ‘climate opportunity’ of the future.”
Both Sparkman and Enhanced Energy Group founder Paul Dunn spoke at the recent “CO2: From Waste to Worth” conference, which featured high –profile figures from the fields of government, finance, academia, and private industry, including U.S. Senator Sheldon Whitehouse, author Richard L. Sandor, Procter & Gamble’s Dimitrias Collis, and Mark Bye of Morgan Stanley Private Equity.
“As we sharpen the product market fit for Enhanced Energy Group, it was really exciting to hear from such a dynamic group of stakeholders defining this space,” said Sparkman. “I believe strongly that the entrepreneurs agile enough with their technologies and their business models to be paid for both energy and CO2 in the short term, will be the future leaders of power generation.”
About Slater Technology Fund
The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
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