$3 million investment to spur CarbonSaver’s first commercial installation
June 02, 2010
David Wagner, CEO, Atlantic Hydrogen
FREDERICTON (NB) –The New Brunswick Innovation Foundation (NBIF) today announced a new venture capital investment of $500,000 in Atlantic Hydrogen Inc. (AHI), bringing its total investment in the company to $1 million. Together with an additional $2.5 million investment by Emera Inc. (TSX:EMA.TO), the proceeds will be used to assist in the first commercial installation of the company’s CarbonSaver™ technology.
CarbonSaver™ is an electro chemical device that removes carbon from natural gas before its burned. After the carbon is removed, a cleaner hydrogen-enriched natural gas remains that produces more energy and less greenhouse gas. The leftover carbon, which is collected in a solid state, can be used in the manufacturing of a wide variety of everyday products.
“As one of the company’s earliest investors, watching the CarbonSaver grow from a concept into a product that’s market-ready is very exciting for us,” says Calvin Milbury, President & CEO of NBIF, “the tremendous support that AHI has received from its numerous investors and industry partners is a testament to the strength of the opportunity.”
Since the company’s inception in 2003, CarbonSaver™ has been basically transformed from a laboratory experiment to a full-scale demonstration plant that has attracted the attention of industry partners and investors from across North America and Europe. NBIF’s original investment in the company played a significant role in the development and bench testing of the first CarbonSaver™ prototype.
“This round of equity financing will propel us to the final stages of technical development and market entry,” says AHI CEO David Wagner, “there is still a lot of work ahead of us, but I am confident that our team will deliver as planned.”