Climate Investments leads Qnergy’s Series C investment round
November 16th, 2021
Qnergy, the world’s leading manufacturer of clean, reliable, electric power based on Stirling engines, has announced the closing of a $16 million Series C funding round led by OGCI Climate Investments (“CI”) with participation from Tene Capital (“Tene”).
The company’s Compressed Air Pneumatics (CAP) product, CAP3, helps customers eliminate methane emissions by converting the methane into a useable energy source.
The funding will support Qnergy’s engineering and manufacturing capability and accelerate deployment across the natural gas sector in North America and globally, while expanding to other markets.
Data from TotalEnergies, an OGCI member, that is now in the process of deploying hundreds of those systems, has shown that up to 98% of the methane emissions could be eliminated using Qnergy’s product.
Commenting on this announcement, Pratima Rangarajan, CEO of OGCI Climate Investments, said: “Qnergy’s technology has been proven to eliminate methane emissions in real-world conditions. We are delighted to be providing capital and the market development support they need to accelerate their business and deliver even more impact.”