CALGARY, AB, Feb. 1, 2022 /CNW/ - TransAlta Corporation
("TransAlta" or the "Company") (TSX: TA) (NYSE: TAC) announced
today that it has made a $2 million
equity investment in Ekona Power Inc.'s ("Ekona") Series A funding
round. The investment will help support the commercialization of
Ekona's novel methane pyrolysis technology platform, which produces
cleaner and lower-cost turquoise hydrogen.
The investment will provide TransAlta with a seat on Ekona's
Strategic Committee, whose members will receive project updates,
guide development and become priority commercialization partners if
the technology is successful. TransAlta believes hydrogen, as a
fuel source, is a promising pathway to decarbonize the electricity
sector and provide dispatchable, net-zero generation.
"We are excited to make this early-stage hydrogen investment.
Ekona has taken an innovative approach to its technology
development, directly addressing the issues of high production
costs and emissions from current conventional hydrogen production
methods," said John Kousinioris,
President and Chief Executive Officer of TransAlta. "If successful,
Ekona's technology will provide low-cost hydrogen to fuel clean,
reliable, and dispatchable electricity generation," added Mr.
Kousinioris.
"We are very pleased to be working with TransAlta. Electrical
power generation is a key market for Ekona's low-cost clean
hydrogen, and our collaboration with TransAlta, a leader in this
market, will be instrumental in achieving effective and economical
decarbonization of large scale dispatchable electrons," said
Chris Reid, Chief Executive Officer
of Ekona.
Ekona's technology uses the decomposition of natural gas to
produce hydrogen and solid carbon and has the potential to offer
cost-effective hydrogen production with 90%+ fewer emissions than
conventional steam methane reformer technologies. Built on the
principles of combustion and high-speed gas dynamics, if
successful, the platform would be low-cost, scalable, and could be
sited wherever natural gas infrastructure exists.
About Ekona Power Inc.
Ekona is a Vancouver-based venture established by Evok
Innovations and Innovative Breakthrough Energy Technology (IBET).
Ekona is developing a revolutionary technology that transforms the
way we produce clean hydrogen. Ekona's solution is an innovative
and low-cost methane pyrolysis platform that converts natural gas
into hydrogen and solid carbon, drastically reducing greenhouse gas
emissions. Visit their website at ekonapower.com for more
information.
About TransAlta Corporation:
TransAlta owns, operates and develops a diverse fleet of
electrical power generation assets in Canada, the United
States and Australia with a
focus on long-term shareholder value. TransAlta provides
municipalities, medium and large industries, businesses and utility
customers with clean, affordable, energy-efficient and reliable
power. Today, TransAlta is one of Canada's largest producers of wind power and
Alberta's largest producer of
hydroelectric power. For over 100 years, TransAlta has been a
responsible operator and a proud community-member where its
employees work and live. TransAlta aligns its corporate goals with
the UN Sustainable Development Goals.
For more information about TransAlta, visit our web site at
transalta.com.
Cautionary Statement Regarding Forward-looking
Information
This news release contains
"forward-looking information", within the meaning of applicable
Canadian securities laws, and "forward-looking statements", within
the meaning of applicable United
States securities laws, including the United States Private
Securities Litigation Reform Act of 1995 (collectively referred to
herein as "forward-looking statements"). In some cases,
forward-looking statements can be identified by terminology such as
"plan", "expected", "estimated", "will",
"continue", "goal", "target" and similar
expressions suggesting future events or future performance. In
particular, this news release contains, without limitation,
statements pertaining to: the commercialization of Ekona's novel
methane pyrolysis technology platform; that the Ekona technology
platform produces cleaner and lower-cost turquoise hydrogen;
becoming a priority commercialization partners if Ekona's
technology is successful; and the ability of Ekona's technology to
provide low-cost hydrogen to fuel clean, reliable, and dispatchable
electricity generation. The forward-looking statements contained in
this news release are based on current expectations, estimates,
projections and assumptions, having regard to the Company's
experience and its perception of historical trends and are subject
to a number of risks and uncertainties that may cause actual
results to differ materially from those contemplated by the
forward-looking statements. Some of the factors that could cause
such differences include technology development risks and risks
relating to the commercializing Ekona's new technology, such as
increasingly intense competition, ability to attract customers,
loss of key personnel and securing proprietary technology rights.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which reflect TransAlta's expectations
only as of the date of this news release. TransAlta disclaims any
intention or obligation to update or revise these forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by law.
Note: All financial figures are in Canadian dollars unless
otherwise indicated.
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SOURCE TransAlta Corporation