On January 28, 2022, Ekona Power Inc. completed a $79 million equity investment led by Baker Hughes Company and received participation from prominent partners such as Mitsui & Co. Ltd., ConocoPhillips Company, TransAlta Corporation, Continental Resources, Inc., NGIF Cleantech Ventures Inc. and BDC Capital Corporation.

The investment, a Class B Preferred Share treasury financing, closed in multiple tranches, including on November 2, 2021, December 30, 2021, and January 28, 2022.

The funds will support the commercialization of Ekona’s novel methane pyrolysis technology platform to produce cleaner and lower-cost hydrogen. The goal is to decarbonize multiple markets, including upgrading, refining, power generation, chemicals manufacturing, steel production, as well as natural gas transmission and distribution.

Blake, Cassels & Graydon LLP represented Ekona with a team led by Christina Huber and including Emma Costante (Corporate/M&A); Benjamin Effa (Real Estate); John Fast and Joe McGrade (Competition); Bill Maclagan and Kevin Zimka (Tax); Gary Mo, Tristan Schmoor and Iain Tape (Securities/M&A); and Celine Poitras (IT).

McDermitt Will & Emery LLP represented Baker Hughes with a team led by Sam Snider.

Lawson Lundell LLP represented BDC Capital with a team led by Gillian Muirhead.

Osler, Hoskin & Harcourt LLP represented Evok Innovations with a team consisting of Justin Young and Jacob Young.

Miller Titerle + Company represented IBET with a team consisting of Steve Sharpless (M&A) and Daniel Fogarty (Corporate and Tax).