Yahoo Finance ClearSky Global raises US$168 Million to deploy Low Carbon Alternative Fuels across Canada and North America.
CALGARY, AB, June 26, 2024 /PRNewswire/ - Canada-based ClearSky Global Corp. (ClearSky) has raised US$168 million from a private international ESG investment group, facilitated by Tailwind Ventures as financial advisor. The financing represents the 5th largest early-stage venture capital raise in the clean fuels space globally1.
ClearSky plans to use the funding to deploy ECOGY® technology to produce high-quality, low-carbon, and economically viable aviation and transportation fuel.
This technology combines proprietary and commercially proven technology to convert natural gas to both diesel and jet fuel that ClearSky believes is of a superior quality compared to conventional fuels. ClearSky fuels can be produced at a lower cost than biofuels and refined petroleum fuels. The use of ClearSky fuels has the potential to significantly reduce greenhouse gas (GHG) emissions, and harmful particulate matter. ClearSky's facilities are modular and compact with superior energy conversion technology, designed to be placed at airports or other strategic locations.
This significant financial milestone will enable ClearSky to commercialize its first three facilities, which will enable its customers in multiple industries to accelerate their sustainability goals and emissions-reduction targets. With this rapid deployment, ClearSky believes that the impact of this technology will be measurable in the near-term and stands to become a material solution for emissions reduction once operational.
"This financing demonstrates that our investors share our confidence in the transformative potential of ECOGY® technology and our aggressive vision to operate across Canada and North America. As the aviation, transport and heavy industries seek reliable and cost-effective carbon-reducing technologies, ClearSky offers an economically sustainable solution that can deliver an immediate reduction in emissions."
- Timothy J. Kozmyk, CEO, ClearSky Global
"We're pleased to have supported ClearSky in securing the financing required to execute their growth plans in North America and look forward to a continuing partnership. Our capital partners recognize the significant opportunity for ClearSky's ECOGY® technology to make a major impact for the aviation and transportation industries."
- Darren Engels, CEO, Tailwind Ventures
"Alberta's government in collaboration with Invest Alberta is proud of this innovation driven forward by a Canadian company, headquartered in Alberta. ClearSky's focus on the development of clean energy makes them an important partner as the world moves to reduce emissions. ClearSky's solutions to complex energy issues will help lower global carbon levels while creating jobs and supporting the economy."
- The Honourable Matt Jones, Minister of Jobs, Economy and Trade
About ClearSky Global
ClearSky Global is a modern energy company that offers economic, viable and responsible solutions deploying innovative technology capable of providing a measurable reduction in GHG emissions, while powering the modernization of the transportation industry. ClearSky Global is based in Calgary, Canada. Visit the ClearSky Global website for more information.
About Tailwind Ventures
Tailwind is a Venture Development Bank™️ dedicated to preparing early- and growth-stage ventures for investment and connecting them with capital providers. Tailwind's proprietary programs enable ventures to tell their story in the language of investors. Tailwind Ventures is based in Calgary, Canada. Visit the Tailwind Ventures website for more information.
Forward-Looking Statements
Certain statements contained in this press release relate to future events, conditions, or outcomes with respect to ClearSky's business, its customers, the ECOGY® technology, and the broader energy industry. All statements other than statements of historical fact may be forward-looking statements and are often, but not always, identified using words such as "believes", "seek", "plan", "expect" and similar expressions.
This press release is for informational purposes only and does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any securities.
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1 5th largest early-stage VC raise in the clean fuels space, all-time, globally; based on Pitchbook data as of June 13, 2024. |
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SOURCE Tailwind Ventures Inc.
