Canada’s NGIF invests in methane solutions provider
Canadian venture capital fund NGIF Cleantech Ventures said August 17 it had made an equity investment in Westgen Technologies, which is developing and marketing technologies to reduce methane emissions at oil and gas production sites.
NGIF invested in a recent Westgen financing round alongside lead investor ARC Financial and Idea Well Capital Partners. Size of the equity investment was not disclosed.
Since its formation in 2019, Westgen has seen rapid growth, largely on the back of the commercialisation of its flagship Engineered Power on Demand (EPOD) solution, which uses solar energy to compress air to operate pneumatics. The technology replaces the use of compressed natural gas to run those pneumatics, eliminating a significant source of field methane emissions.
“We are really excited to partner with cleantech startup Westgen to bring to market a solution that is aimed squarely at addressing one of the biggest pain points in the oil and gas sector – methane emissions from pneumatic devices,” said John Adams, managing partner of NGIF Cleantech Ventures. “By choosing instrument air instead of instrument gas to actuate pneumatic devices on site, producers can essentially eliminate methane venting through the use of EPOD.”
The Natural Gas Innovation Fund (NGIF), a creation of the Canadian Gas Association (CGA), has been instrumental in the development of Westgen and its EPOD technology, including support from the NGIF’s innovation fund and testing at its emissions testing centre.
“This latest investment from NGIF Cleantech Ventures will allow us to continue building that relationship as we look to accelerate our commercial roll out and reach new customers,” Westgen CEO Connor O’Shea said.
A podcast featuring Westgen and the NGIF’s emissions testing centre can be viewed here.