A Calgary-based startup has secured seed funding for its work developing and manufacturing nanoparticle-based foam technology.
Cnergreen announced a $2 million round led by Rhapsody Venture Partners, a US-based venture capital firm specializing in hard-tech investments.
Chief executive officer of the advanced materials startup, Ali Telmadarreie, said in a statement that the capital “will enable us to fast-track field trials and commercialization.”
Cnergreen’s flagship product drawing the attention of investors is its patent-pending ArmorFoam technology.
Developed at the University of Calgary, ArmorFoam enables underground foams to remain stable for months at high pressures, temperatures, and salinities.
The first application of this technology is aimed at improving CO2 enhanced oil recovery in the oil and gas industry.
Oilfield operators see an opportunity to use CO2 injection as a way to enhance oil recovery in active wells, Cnergreen says, while also sequestering CO2 in geologic reservoirs. Because of the large volumes of CO2 required, the startup believes CO2-EOR provides a pathway for scaled carbon sequestration while lowering the carbon footprint of produced oil.
“In the short-term, Cnergreen solves a pressing need for the oil and gas industry while reducing their overall carbon footprint,” stated Jason Whaley, General Partner at Rhapsody Venture Partners. “Beyond that, Cnergreen is a platform technology that can deliver large-scale permanent CO2 sequestration underground.”
Cnergreen has recently scaled its manufacturing capabilities, the company stated, and is currently conducting field testing in conjunction with an existing CO2 project.
Cnergreen was founded by Telmadarreie and Steven Bryant in 2019.