TLDR:
- University of Calgary spinout Cnergreen has secured a C$2 million seed funding deal.
- The startup specializes in manufacturing stable foams for carbon dioxide injection in enhanced oil recovery.
Calgary-based startup Cnergreen, a spinout from the University of Calgary, has secured a C$2 million seed funding deal. The company specializes in manufacturing stable foams for carbon dioxide injection in enhanced oil recovery. The funding will be used to further develop and commercialize Cnergreen’s technology.
Enhanced oil recovery (EOR) is a method used to extract more oil from older wells. By injecting carbon dioxide into the wells, it can increase the pressure and help push the oil towards the production well. Cnergreen’s stable foams play a crucial role in this process, as they help to stabilize the carbon dioxide and prevent it from dissolving into the oil and water. This allows for a more efficient and effective extraction of oil.
The C$2 million seed deal was led by an undisclosed investor, with participation from other investors. The funding will be used to support the ongoing research and development of Cnergreen’s technology, as well as to scale up production and expand its customer base.
Cnergreen was founded in 2019 and is based in Calgary, Canada. The company is a spinout from the University of Calgary’s chemical and petroleum engineering department, where the research and technology behind its stable foams was developed.
According to Cnergreen, its stable foams have the potential to significantly improve the efficiency and economics of enhanced oil recovery operations. By reducing the amount of carbon dioxide needed and improving the oil recovery rates, the technology can help to reduce the environmental impact of oil extraction and provide a more sustainable approach to the industry.
The C$2 million seed funding is a significant milestone for Cnergreen and reflects the growing interest and investment in sustainable energy solutions. With the funding, the company will be able to accelerate its development and commercialization plans, bringing its innovative technology to market and making a positive impact on the oil industry.
