Starfire Energy Inc issues bridge round with contribution from AP Ventures and Rockies Venture Club
· Funds will be used for engineering and design of Starfire’s modular 50 tonne per day green ammonia production system
· The bridge round was supported by AP Ventures, Rockies Venture Club and a Friends and Family private placement
December 11th, 2020. Denver, USA – Starfire Energy Inc, a leader in green ammonia synthesis and cracking, announces the completion of a bridge round. Contributors included hydrogen-focused, globally mandated AP Ventures, Rockies Venture Club, one of the USA’s oldest and most active Angel Groups, and many friends and family.
Ammonia is a promising energy carrier with an energy density comparable to fossil fuels and significantly higher than Li-ion batteries, compressed or liquid hydrogen. It can be cheaply and easily stored and transported, leveraging established infrastructure and shipping networks, and is regulated by well-developed codes and standards. It can be used directly as a fuel or it can be 'cracked', and its hydrogen harvested, to provide a stable, efficient means of hydrogen storage and transportation.
Conventional ammonia production has a significant carbon footprint. Traditionally made from natural gas, the production of ammonia emits 2 tonnes of carbon dioxide for every one tonne of ammonia produced. Starfire Energy’s ‘Rapid Ramp NH3’ ammonia synthesis technology produces zero carbon ammonia using only renewable energy, air and water as inputs. The modular solution is sized to connect directly with renewable energy production, providing a scalable, distributed source of zero carbon ammonia. The company has also developed their Prometheus Carbon-free Fire, a system to crack ammonia back into hydrogen, providing an efficient means of green hydrogen storage and transport.
“We are looking forward to furthering product development that will contribute to the world’s transition to clean fuels,” said Jennifer Beach, COO of Starfire Energy. “We are excited to become part of AP Ventures' investment portfolio. In addition to their financial resources, they provide a wealth of hydrogen industry experience and connections to excellent strategic partners,” added Joe Beach, the company’s CEO.
“We are delighted to support Starfire Energy in their recent bridge round. As an established investor in the hydrogen industry, we are excited by the opportunity for Ammonia to decarbonize chemical and industry value chains, and the role it can play in enabling a low-cost storage and transport solution for green hydrogen. We are impressed by Starfire’s team, and the unique modular synthesis and cracking technology they have developed. We look forward to working with Starfire; sharing AP Ventures’ expertise, experience and network to create further value for the Company”, says Andrew Hinkly, Managing Partner, AP Ventures.
“The Rockies Venture Club’s Cleantech Angel Investor Group is excited to support Starfire Energy. We first met Starfire Energy at our HyperAccelerator program where we were impressed with the team and technology. We are excited to make this investment at this time because Starfire fills a massive need for energy storage and transportation as we move to increasing carbon-free energy production and distribution globally. The market timing for this kind of clean technology is strong and we expect it to grow exponentially during the coming years.” Peter Adams, Executive Director, Rockies Venture Club.
About Starfire Energy Inc.:
Starfire Energy is a Colorado Public Benefit Corporation with a stated mission to focus company efforts on products and services that reduce CO2 in the earth's atmosphere and promote sustainable and enjoyable human civilization. The company was co-founded by Jennifer Beach & Joe Beach in 2007 and transitioned from solar work to clean fuels in 2016. The team of nine will soon be doubling as they move into a larger facility where they will continue to increase the size of their Rapid Ramp NH3 and Prometheus Carbon-free Fire products.
More info: https://www.starfireenergy.com/
About AP Ventures:
AP Ventures is headquartered in London and manages venture capital funds with a global mandate to invest in pioneering new technologies and businesses which aim to solve global challenges such as renewable energy integration, resource scarcity and rapidly changing demographics.
The existing portfolio is focused on the hydrogen value chain and includes investments in Altergy Systems, ERGOSUP, Greyrock Energy, HPNow, HyET, Hydrogenious LOHC Technologies, Insplorion, Plug Power and ZEG Power.
AP Ventures is led by Andrew Hinkly (Managing Partner) and Kevin Eggers (Partner). Investors include Anglo-American Platinum, Impala Platinum, the Mirai Creation Fund, Mitsubishi Corporation, Plastic Omnium, the Public Investment Corporation and Sumitomo Corporation.
More info: www.apventures.com
About Rockies Venture Club:
Rockies Venture Club is the longest running and one of the largest Angel Groups in the U.S.A., founded in 1985, whose mission is to advance economic development by actively connecting investments with the most promising entrepreneurial companies with Angel investors, venture capitalists, and other community members. Every year Rockies Venture Club offers over 140 educational programs, mastermind groups, Angel forums, and two major conferences for both investors and entrepreneurs leading to 25-30 investments per year.
More info: https://www.rockiesventureclub.org/