Qnergy joins OGCI Climate Investment’s portfolio
23 April 2020
OGCI Climate Investment led a funding round in Qnergy, the world’s leading clean technology manufacturer of Stirling energy systems.
The Utah-based company provides reliable remote power generators for the 500W-10,000W range to help customers improve operational efficiency, decrease operating cost and reduce emissions. Qnergy’s Stirling generators are an enclosed system that requires no lubrication, maintenance or repair, delivering tens of thousands of hours of uninterrupted operation.
Qnergy will primarily use the funds to further commercialize its new air pneumatics product, CAP3, a low emission alternative to displace the methane emissions of pneumatic devices currently used in upstream oil and gas applications.
Pneumatic devices powered by pressurized natural gas are widely used in the oil and gas industry for process control and chemical injection. The vented gas from these devices is the single biggest source of vented methane emissions, accounting for 67 million tCO2e per year across North America in 2019. The potential mitigation from switching methane pneumatics to CAP3 air pneumatics is estimated to be as much as 1 million tCO2e by 2029, the equivalent of taking over 2.1 million cars off the road.
Qnergy is the only company that has a Stirling-based, stand-alone power generator: the PowerGen. Thanks to the technology’s unparalleled reliability, major and independent oil and gas companies already rely on the system to meet their remote power needs. The PowerGen has proven itself to be more cost effective than alternatives thanks to near-zero maintenance costs, leading to a significant growth in 2018 and 2019.
Qnergy successfully pitched its technology to OGCI Climate Investment during our 2020 Investment Day held virtually on 9 March, focused on decarbonizing upstream, midstream and downstream oil and gas operations.