CPE News (1.24.2024) – Cnergreen Corporation has secured $2 million in seed funding led by Rhapsody Venture Partners.
Founded by Ali Telmadarreie and Steven Bryant, Cnergreen is an advanced materials startup spun out of the University of Calgary. Cnergreen’s patent-pending ArmorFoam technology enables underground foams to remain stable for months at high pressures, temperatures, and salinities. The first application is improving CO2 enhanced oil recovery (CO2 EOR) in the oil and gas industry.
Cnergreen has previously received funding from Equinor & Techstars Energy Accelerator.
photo credit: Cnergreen
News Release
Cnergreen Secures $2M Investment from Rhapsody Venture Partners
CALGARY, AB, Jan. 23, 2024 /PRNewswire-PRWeb/ — Cnergreen, a Calgary-based startup manufacturing stable foams for CO2 injection in enhanced oil recovery (EOR), has secured a $2M Seed funding round led by Rhapsody Venture Partners, a US-based venture capital firm that specializes in hard-tech investments.
Cnergreen’s patent-pending ArmorFoamTM technology, developed at the University of Calgary, enables underground foams to remain stable for months at high pressures, temperatures, and salinities. The first application is improving CO2 enhanced oil recovery (CO2 EOR) in the oil and gas industry. For years, oilfield operators have seen an opportunity to use CO2 injection as a way to enhance oil recovery in active wells, while also permanently sequestering CO2 in geologic reservoirs. Because of the large volumes of CO2 required, CO2-EOR provides a near-term pathway for scaled carbon sequestration, while lowering the carbon footprint of produced oil.
“Cnergreen is a platform technology that can deliver large-scale permanent CO2 sequestration underground.” – Jason Whaley, Rhapsody Venture Partners
The effectiveness of CO2 EOR has been limited to date in many projects, as injected gas often channels through fractures and highly permeable zones and results in early gas production and inefficient sweep. With ArmorFoamTM, these channels are blocked, forcing CO2 to permeate all available space in reservoirs. Moreover, ArmorFoam’s stability makes each well treatment effective for longer, presenting a low-cost solution to operators looking to enhance their sweep efficiency.
Cnergreen has scaled its manufacturing capabilities and is currently conducting field testing in conjunction with an existing CO2 project. They are currently scheduling field trials with additional operators in the US and Canada in the first half of 2024.
Cnergreen’s CEO, Ali Telmadarreie, emphasized the significance of this funding round, stating, “Rhapsody’s support of Cnergreen’s technology shows that we have developed an economically viable solution for CO2-EOR. Their funding will enable us to fast-track field trials and commercialization.”
Jason Whaley, General Partner at Rhapsody Venture Partners, stated, “In the short-term, Cnergreen solves a pressing need for the oil and gas industry while reducing their overall carbon footprint. Beyond that, Cnergreen is a platform technology that can deliver large-scale permanent CO2 sequestration underground. We are excited to join the team in the next phase of their commercial development.”
Please send inquiries to info@cnergreen.ca.
About Cnergreen
Cnergreen is an advanced materials startup spun out of the University of Calgary. Cnergreen’s vision is to produce hydrocarbons at the lowest possible carbon intensity using its innovative nanoparticle-based foams, which have superior stability and tunability for all reservoirs and applications. www.cnergreen.ca
About Rhapsody Venture Partners
Rhapsody Venture Partners is a venture firm in Cambridge, MA, that funds early-stage applied science and engineering companies. Rhapsody’s team works side-by-side with entrepreneurs to secure anchor customers that reduce time-to-commercialization and accelerate growth. www.RhapsodyVP.com
Media Contact
Ali Telmadarreie, Cnergreen Corporation, info@cnergreen.ca, www.cnergreen.ca
SOURCE Cnergreen Corporation