Slater commits $300K to Enhanced Energy Group

THE SLATER Technology Fund has committed another $300,000 to lead the final $600,000 tranche of Enhanced Energy Group’s  seed financing, bringing Slater’s total invested capital to $550,000.
THE SLATER Technology Fund has committed another $300,000 to lead the final $600,000 tranche of Enhanced Energy Group’s seed financing, bringing Slater’s total invested capital to $550,000.

PROVIDENCE – An additional $300,000 has been committed by the Slater Technology Fund to Enhanced Energy Group to lead the final $600,000 tranche of its seed financing.
Slater, which announced the news Monday, said this brings its total invested capital in the South Kingstown company to $550,000.
Enhanced Energy Group was founded five years ago to commercialize technologies developed at the Naval Undersea Warfare Center.
It has successfully built upon the technologies, known as semi-closed cycle engines, to create a patented non-emissive co-generation system that can cost-effectively and cleanly produce both electricity and carbon dioxide suitable for industrial markets, according to a Slater news release.
“Enhanced Energy Group’s technology flips the carbon equation on its head,” Thorne Sparkman, managing director of the Slater Technology Fund, said in a statement. “Instead of viewing carbon capture purely as a cost, a drag on generation profits, distributed co-generation with semi-closed cycle technology turns carbon capture into end customer benefits and power producer profits. The company has made significant headway in proving out its technology and attracting the attention of major customers, especially independent exploration and production companies plagued by stranded oil. We see this opportunity for customers to double their benefit as the first in a range of opportunities the technology creates for power consumers and producers alike.”
The release said that despite CO2 emissions being considered the main culprit behind climate change, there is a market for this byproduct. The emissions are created by burning fuels such as oil, natural gas and diesel.

Unlike normal engines in which fuel is burned and the products of combustion are released into the atmosphere, EEG’s semi-closed cycle system produces power and completely captures the resulting CO2 in a pure, pressurized form, creating a sellable CO2 product without generating any greenhouse gases, the release stated.

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