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Cnergreen Secures $2M Investment from Rhapsody Venture Partners

📅 Date:

🔖 Topics: Funding Event

🏢 Organizations: Cnergreen, Rhapsody Venture Partners, University of Calgary

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.

Read more at PRWeb