Slater commits another $100K to Enhanced Energy Group

THE SLATER TECHNOLOGY FUND has reinvested in Enhanced Energy Group, committing another $100,000 to the technology company.
THE SLATER TECHNOLOGY FUND has reinvested in Enhanced Energy Group, committing another $100,000 to the technology company.

PROVIDENCE – The Slater Technology Fund has committed another $100,000 to Enhanced Energy Group.
Enhanced Energy Group is a technology company commercializing a patented non-emissive, co-generation system based on a family of technologies called Semi-Closed Cycle engines, which produce both electricity and carbon dioxide suitable for industrial markets.
This additional infusion of capital brings the total amount invested by Slater for the company to $250,000, according to a news release from the Slater Technology Fund.

The company used the initial capital to fund a successful build-out of the semi-closed cycle piston engine, demonstrating purity of captured CO2 that substantially exceeded design requirements.
In addition, the company’s intellectual property, originally licensed from the U.S. Navy, has now been extended to the piston engine with both U.S. and international filings.

According to information from Slater, there is a “robust existing market for the cost-effective production of CO2 to support enhanced oil recovery, and, at the same time, a long-term imperative to develop emissions-free energy, including generation from hydrocarbons with CO2 sequestration.”
Enhanced Energy Group applies its technology to internal combustion engines and turbines to produce the energy and capture the CO2 for productive re-use on site. The company targets customers in the petroleum production industry. EEG believes it can change the economics of energy and CO2 generation in the oil field services sector by combining a distributed generation business model, anthropogenic CO2 and electricity co-generation, Slater said.

“The new government regulations around CO2 emissions and carbon capture have created a tremendous tailwind for EEG’s technology,” Thorne Sparkman, the managing director for the Slater Technology Fund responsible for energy investing, said in a statement. “The company is at the forefront of energy startups that see the overabundance of CO2 as a business opportunity. We believe that EEG is developing the technology, building the team and scaling the business that will define the ‘climate opportunity’ of the future.”

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Both Sparkman and Enhanced Energy Group founder Paul Dunn spoke at the recent “CO2: From Waste to Worth” conference in January in Providence, which featured representatives from government, finance, academia and private industry, including U.S. Sen. Sheldon Whitehouse, author Richard L. Sandor, Procter & Gamble’s Dimitrias Collis and Mark Bye of Morgan Stanley Private Equity.

“As we sharpen the product market fit for Enhanced Energy Group, it was really exciting to hear from such a dynamic group of stakeholders defining this space,” Sparkman said. “I believe strongly that the entrepreneurs agile enough with their technologies and their business models to be paid for both energy and CO2 in the short term, will be the future leaders of power generation.”

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