C-Zero, a clean energy company that has developed a technology for natural gas decarbonization, has closed a $34 million financing round led by SK Gas, a subsidiary of South Korea’s second-largest conglomerate, the SK Group. SK Gas was joined by two other new investors — Engie New Ventures and Trafigura, one of the world’s largest physical commodities trading companies — in addition to participation from all existing investors including Breakthrough Energy Ventures, Eni Next, Mitsubishi Heavy Industries and AP Ventures.
The funding will be used to build C-Zero’s first pilot plant, which is expected to be online in first quarter 2023. The plant will be capable of producing up to 400 kilograms of hydrogen per day from natural gas with no carbon dioxide emissions.
“We are excited to be scaling up our innovative technology with experienced investors and partners who recognize the need to decarbonize natural gas and the opportunity that turquoise hydrogen produc