ClearSky Global raises $168m to deploy low carbon alternative fuels across Canada and North America
Canada-based ClearSky Global (ClearSky), has raised $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 globally.
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.
Timothy J. Kozmyk, CEO, ClearSky: "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."
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.
Darren Engels, CEO, Tailwind Ventures: "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."
