Emvolon Raises $1.5 Million Seed Funding to Evolve Distributed Chemical Production
Emvolon, a technology company developing a platform for distributed chemical production from resources that otherwise would be wasted, today announced a $1.5 million seed investment led by The Engine. The capital raised will fund building out the Emvolon team and creating a dedicated laboratory space for development of Emvolon's platform that converts the wasted natural gas at flare sites into usable chemicals like methanol for use in a broad array of industrial applications or as a fuel.
Flaring is the wasteful practice of burning natural gas, produced from oil wells that can not be economically taken to market. An estimated 150 billion cubic meters per year is flared into the air, equivalent to 275 million metric tons of CO2. Emvolon's platform can negate 90% of the CO2 emissions that natural gas flares emit every year, and sell valuable products into large global chemicals markets.
"This wasted gas is a stranded resource," said Emmanuel Kasseris, Emvolon's co-founder and CEO. "At Emvolon we are reimagining mass-produced automotive internal combustion engines as miniature chemical processing plants that can efficiently and effectively provide communities the raw materials they need, without building massive refineries and chemical plants. The process enables eonomically attractive small plants by exchanging economies of mass production for economies of scale."
Emmanuel Kasseris and Leslie Bromberg, founders of Emvolon, are pioneering a device built using inexpensive and ubiquitous components from established supply chains for the automotive industry to do such conversion at the site of the flares. The same device can be used to convert other stranded resources like biomass, which would otherwise rot in fields or forests, or biogas into a variety of useful chemicals. It can also be applied to distributed ammonia manufacturing, providing chemical energy storage for communities without reliable grid connections.
"Emmanuel and Leslie enable us to imagine a world with a much more efficient utilization of natural resources," said Michael Kearney, Principal of The Engine. "Emvolon promises a future with a much smaller carbon footprint for our most difficult to decarbonize sectors while simultaneously enabling cost-effective, on-demand and distributed chemical production."
Launched out of MIT (News - Alert), the company plans to use the capital to expand its engineering and business development staff. The team expansion will help continue to scale Emvolon's technology as a key enabler of a low-carbon future.
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