US-based Cowboy Clean Fuels secures $13mn in financing
US-based clean energy company Cowboy Clean Fuels (CCF) has closed approximately $13mn in Series B equity financing to commercialise its technology for the simultaneous production of renewable natural gas (RNG) and permanent sequestration of carbon dioxide, the company announced on July 22.
CCF utilises depleted coalbed methane (CBM) wells and infrastructure in Wyoming's Powder River Basin to generate carbon-negative RNG from agricultural byproducts. These byproducts are converted into CO2 and renewable methane through a biogenic process in deep, geologic coal formations.
The Series B financing round was led by Houston-based Machan Investments, the family office of former energy executive Dan Dinges. Combined with $7.8mn in Energy Matching Funds (EMF) from the Wyoming Energy Authority (WEA), this capital will support the development of CCF's first commercial project in Wyoming, the Triangle Unit Renewable Energy and Carbon Capture and Storage (TRECCS) project.
The TRECCS project began commercial operations in early June. Since then, it has injected 15,000 barrels of mixed feedstock for microbial conversion to methane and carbon dioxide. CCF's first project is expected to produce approximately 600mn ft3/year of pipeline-ready RNG at full scale.
CCF said that the carbon dioxide removal market is rapidly gaining traction, with increasing recognition as crucial for achieving net zero goals. CCF's technology is ready for commercial deployment and can sequester approximately 180,000 metric tonnes/year of CO2e at scale.