EIC Rose Rock's First Investment Advances Technology that Generates Zero-Emission Hydrogen from Natural Gas
TULSA, OK – April 25, 2023 -- EIC Rose Rock, an early-stage VC fund focused on clean energy technologies, today announced its first direct investment since the fund’s launch in October 2022. The fund participated in a total fundraise of $10 million for Aurora Hydrogen, a company developing technology that converts natural gas to hydrogen with zero carbon dioxide (CO2) emissions. Aurora Hydrogen’s technology uses microwave energy to convert methane to hydrogen and solid carbon without generating CO2. The funds will support the company’s scale-up and commercialization.
EIC Rose Rock was joined in the deal by Energy Innovation Capital (EIC), Williams, Chevron Technology Ventures and Shell Ventures. The fund’s investment will advance Aurora Hydrogen’s ability to produce 200 kg of hydrogen per day through the construction of a demonstration plant that will be online before the end of 2023.
“Aurora Hydrogen’s technology supports the role that natural gas can play in decarbonizing the energy value chain,” said David Clouse, Managing Director of the EIC Rose Rock fund. “Our corporate partners produce, store and transport natural gas, and this investment will allow them to continue supporting the world’s energy needs while participating in the development of a zero-carbon energy source."
Hydrogen production from Aurora Hydrogen’s technology has the potential to reduce global CO2 emissions significantly while using less electricity than other methods of hydrogen production, and avoids the need for CO2 sequestration. Additionally, the process does not require water as a feedstock, preserving another critical resource.
“With our low-cost and distributed approach to hydrogen production, we can enable many of the new uses of hydrogen that aren't currently economical while also leveraging natural gas to support a multi-source energy mix,” said Andrew Gillis, Aurora Hydrogen’s CEO.
Recently named a startup to watch by Startup Basecamp, Aurora Hydrogen has attracted additional capital to support its commercialization. Gillis will speak at the Canadian Hydrogen Conference April 25, 2023 in the Edmonton Global booth (#800/#1000) and a startup pitch session.
About EIC Rose Rock
EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early and growth-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance operational efficiency of existing oil and gas assets. To learn more, visit www.energyinnovationcapital.com
About Energy Innovation Capital
Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC's team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what's possible and build great companies. To learn more, visit www.energyinnovationcapital.com.
About Aurora Hydrogen
Aurora Hydrogen is developing a clean hydrogen production technology that utilizes efficient microwave energy without generating any CO2 emissions or consuming water. The technology is highly scalable, units can be installed anywhere and can scale from small fueling stations to the largest industrial applications. Hydrogen production using Aurora's technology has the potential to reduce global CO2 emissions by over 900 million tonnes per year. The company was founded in 2021 and is based in Edmonton, Canada. For more information, please visit: www.aurorahydrogen.com
Bethany Hilt, Hilt Strategic Communications LLC
Phone: 1+ 330.338.6633