Slater Technology Fund Invests in Energy Tech Start-up
Published on July 29, 2013
Slater Technology Fund has committed $100,000 to Enhanced Energy Group (EEG), an energy technology startup commercializing technologies developed at the Naval Undersea Warfare Center (NUWC). The company, a developer of non-emissive power systems, is producing semi-closed cycle generators that capture carbon dioxide (CO2) generated during the production process for sequestration or productive re-use.
Originally developed for undersea propulsion at great depths, EEG's unique cycle generation technology facilitates the capture and conversion of exhaust emissions into pressurized CO2, creating significant opportunities for land-based applications across industry sectors. In the oil and gas industry, for example, there is a strong market for the cost-effective production of CO2 to support hydrocarbon recovery.
EEG was founded by Paul Dunn, who served for many years as a senior executive at NUWC, where he was instrumental in the development of the technology upon which the company's generators are based. The company has an exclusive license to the five patents developed by the U.S. Navy, and works with leading generator manufacturers to create solutions for petroleum production.
"Enhanced Energy Group is a potent combination of an innovative technology, a proven technologist and significant intellectual property," said Thorne Sparkman, managing director of the Slater Technology Fund. "The company has a portfolio of issued patents covering a technology area that the U.S. Navy invested in heavily over the course of the cold war, and a founder who oversaw the technology's creation. And while I see many companies with a focus on carbon and the best of intentions, this is the most compelling, market-based business model I've seen for turning CO2 from a deleterious by-product into an asset. The combination of powerful intellectual property and disruptive business model was irresistible. We're excited to be involved."