Wednesday, 13 November 2024 09:55 Advertisement General Galactic has announced the closing of a US$8 million seed funding round, bringing the total investment in the company to US$10 million. The investment was co-led by Harpoon Ventures and Refactor Capital, with participation from Pathbreaker, BoxGroup, Seraphim, Plug and Play, Impact First and Climate Capital. The investment will accelerate the development and deployment of General Galactic’s proprietary Genesis technology, which transforms industrial CO2 waste streams into fossil-free natural gas. The company plans to expand its engineering team to pursue its goal of building commercial fossil-free natural gas generation plants across the globe. “We started General Galactic to be the energy company of the future. Our vision is ultimately to build a gas station on Mars while producing clean, fossil-free energy on Earth along the way,” said Halen Mattison, CEO and co-founder of General Galactic. “This funding allows us to move toward mass commercialization of our technology, creating a fossil-free world with abundant high-density energy.” The Genesis system technology targets maritime shipping, agriculture and heavy industry sectors, where carbon reduction requirements and long-term capital investments will demand consistent access to low-emission, high-density fuels. The company is developing the full production stack for these fuels and has a proven pilot system producing 2000 l of methane per day. “A fossil-free future shouldn't abandon all of our energy infrastructure—it should work with it,” said Neise, General Galactic’s CTO and co-founder. “Our technology produces 100% clean fuel compatible with today's infrastructure. We call this decarbonisation without destruction, meaning the green transition can happen sooner and with less cost to critical industries.” This round follows the company's US$2 million pre-seed funding in August 2023, led by BoxGroup and Refactor Capital. General Galactic plans to deploy Genesis modules as soon as 2025, with fuel offtake reservations available immediately. General Galactic prioritises first principles engineering design—a scientific approach refined by SpaceX that breaks down problems to their fundamental core, questioning every assumption along the way. The team believes this approach will yield a more elegant and reliable solution for generating sustainable fossil-free fuels, both on Earth and beyond. In selecting investment partners, General Galactic sought funds with hands-on experience and a track record of success in deeptech. Specifically, Refactor and Harpoon’s investments in fellow space and climate companies Astranis and Solugen made those funds attractive investing partners to the team. “We’re immensely impressed with Halen and Luke’s vision and fully expect their company to meaningfully move the world toward more renewable energy sources while bringing a pragmatic approach to these deeply critical, albeit entrenched, heavy industries that require energy-dense fuels,” said Zal Bilimoria, founder of Refactor Capital. Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/13112024/general-galactic-announces-us8-million-in-funding-for-fossil-free-natural-gas-production-technology/ You might also like