(Updated, 1:45 p.m.)
PROVIDENCE – An energy technology startup working on a process to capture carbon dioxide emitted from engines has received a $100,000 boost from the Slater Technology Fund, the local economic development fund announced Monday.
Enhanced Energy Group, the startup, is employing technologies from the Naval Undersea Warfare Center to create partially closed-cycle generators that can capture carbon dioxide. The technology was first created to facilitate propulsion in deep ocean waters, but its production of pressurized carbon dioxide could yield benefits for a variety of industries, including the oil and gas industry, where demand for carbon dioxide production to boost hydrocarbon recovery is high.
The startup was founded by Paul Dunn, who originally helped create the technology at the naval center. Five U.S. Navy patents are exclusively accessible to the company.
“While I see many companies with a focus on carbon and the best of intentions, this is the most compelling, market-based business model I’ve seen for turning CO2 from a deleterious by-product into an asset,” Thorne Sparkman, Slater’s managing director, said in a statement. “The combination of powerful intellectual property and disruptive business model was irresistible.”