Ekona Power, a Canadian producer of low-carbon hydrogen, has received USD 1 million in funding from Alberta Innovates, a corporation created and funded by the Government of Alberta to promote innovation. This brings the company's total funding to USD 69 million.

The company intends to use the funds to test its methane pyrolysis reactor.

Analyst QuickTake: The company’s last funding round was in February 2022 , when it received a strategic investment of CAD 79 million (~USD 62 million) led by Baker Hughes. The company intended to use the funds to support the commercialization of its methane-pyrolysis technology to produce turquoise hydrogen. More recently, in January 2024 , Ekona reported that the company had tested its xCaliber methane pyrolysis reactor against its 2023 performance targets successfully and has been producing hydrogen at its Burnaby facility for months. The company now plans to expand its Burnaby facility to accommodate a 200-kilogram-hydrogen-per-day plant in 2024 and intends to deploy a one-tonne-per-day hydrogen plant in the same year, followed by its operational testing in 2025 and commercialization in 2026.