Qnergy of Stirling energy systems, conducts closing of a $10 million Series B funding
Fremont, CA: Qnergy, the world's renowned manufacturer of Stirling energy systems, closes a $10 million Series B round of financing. The round was led by OGCI Climate investments ("CI"), Tene Capital, and Kibbutz EHI.
The latest investments will accelerate the deployment of the company's compressed air pneumatics product, CAP3. The application, in combination with Qnergy's remote power generators with air compressors, offers a low emission option when compared to gas pneumatic devices that are used right now in upstream oil and gas.
Pneumatic devices powered by pressurized natural gas are commonly used in the oil and gas industry for process control. The gas vented from these devices is the most significant source of vented methane emissions, contributing almost 67 million tCO2e per year across the entire North America region in 2019. Mitigation methane pneumatics to CAP3 air pneumatics by switching is estimated to account to 1 million tCO2e by 2029, the equivalent of taking over 2.1 million cars off the road.
"We are pleased to welcome CI as a new investor to Qnergy and are grateful for the vote of confidence in the technology, team, and mission," said Dr. Ory Zik, Qnergy's CEO. "The new funding will accelerate deployment, and we look forward to working with customers on decarbonizing the oil and gas supply chain."
Pratima Rangarajan, CEO of OGCI Climate Investments, said, "We are pleased to add Qnergy to our portfolio of methane reduction solutions. We believe Qnergy's technology has the potential to significantly reduce new methane emissions from oil and gas operations, which is vital for improving the pace of warming."
Qnergy is the one and only company that has a Stirling-based, stand-alone power generator: the PowerGen. Due to the company's technology that promises unparalleled reliability, major and independent oil and gas companies depend on the system to fulfill their remote power requirements. The PowerGen has proven itself to be resilient, cost-effective in many occasions than its alternatives. This is all due to the near-zero maintenance costs, which lead to significant growth in 2018 and 2019.
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