Slater Technology Fund Commits Additional $300,000 to Enhanced Energy Group

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Company Spun out of Naval Undersea Warfare Center has Developed Technology that Cleanly Produces Electricity and CO2 for Industrial Markets

Providence, R.I., April 11, 2016 – The Slater Technology Fund today announced it has committed another $300,000 to lead the final $600,000 tranche of Enhanced Energy Group’s (EEG) seed financing, bringing Slater’s total invested capital to $550,000. The company, based in South Kingstown, R.I., was founded in 2011 to commercialize technologies developed at the Naval Undersea Warfare Center (NUWC). EEG has successfully built upon the technologies, called Semi-Closed Cycle (SCC) engines, to create a patented non-emissive co-generation system that can cost-effectively and cleanly produce both electricity and carbon dioxide (CO2) suitable for industrial markets.

CO2  emissions, created by burning fuels such as oil, natural gas, diesel,  etc., are considered the main culprit behind climate change, and there are worldwide efforts to reduce, capture and contain them. At the same time, there is a market for this byproduct; the petroleum industry had been purchasing CO2 for use in oil field services such as Enhanced Oil Recovery (EOR), which requires the injection of CO2, into the ground to retrieve the hard-to-get part of the oil.

Unlike normal engines where fuel is burned and the products of combustion are vented into the atmosphere, EEG’s unique semi-closed cycle system produces power and completely captures the resulting COin a pure, pressurized form. This creates a sellable COproduct without generating any greenhouse gases.

“Enhanced Energy Group’s technology flips the carbon equation on its head,” said Thorne Sparkman, managing director of the Slater Technology Fund. “Instead of viewing carbon capture purely as a cost, a drag on generation profits, distributed co-generation with semi-closed cycle technology turns carbon capture into end customer benefits and power producer profits. The company has made significant headway in proving out its technology and attracting the attention of major customers, especially independent exploration and production companies plagued by stranded oil.  We see this opportunity for customers to double their benefit as the first in a range of opportunities the technology creates for power consumers and producers alike.”

About Slater Technology Fund

The Slater Technology Fund is an independently chartered economic development fund that operates in accord with best practices of venture capital investing, backing new ventures committed to basing and building businesses in Rhode Island. Leveraging state and federal funding, Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.

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