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Rimere secures $10M for clean hydrogen technology

Published 13/02/2024, 11:44
© Reuters.

NEWPORT BEACH, Calif. - Rimere, a company specializing in climate solutions, has recently closed a $10 million strategic investment from Clean Energy Fuels Corp. (NASDAQ: NASDAQ:CLNE), aimed at advancing the development and field testing of its proprietary plasma technology. This technology is designed to reduce emissions from natural gas infrastructure and facilitate the production of clean hydrogen and graphene.

The investment will accelerate the deployment of Rimere’s two devices, the Reformer and the Mitigator. The Reformer employs a sequential hybrid plasma process to convert natural gas into hydrogen and high-quality graphene, a process that remarkably does not produce CO2 emissions. In particular, when renewable natural gas is utilized, the hydrogen generated can achieve a negative carbon intensity rating.

Meanwhile, the Mitigator acts as a plasma thermal oxidizer to lessen the impact of methane emissions that often escape from natural gas systems. This technology provides a cost-effective solution for mitigating methane emissions, especially from compressors and pneumatic controllers along pipelines.

Mitchell Pratt, CEO of Rimere, expressed that the support from Clean Energy will significantly contribute to the development of these technologies, which have the potential to make an immediate impact on global climate change efforts.

Andrew J. Littlefair, president and CEO of Clean Energy, highlighted the company's longstanding commitment to environmental issues and sees the investment in Rimere as a strategic move to address the challenges in the natural gas and hydrogen sectors by providing emission-free solutions.

Since its inception in 2020, Rimere has raised a total of $18.25 million of committed capital and is currently an equity method investee of Clean Energy.

The information in this article is based on a press release statement.

InvestingPro Insights

Clean Energy Fuels (TSX:EFR) Corp. (NASDAQ: CLNE) has made a strategic move to invest in Rimere's innovative technology, which aligns with the company's focus on environmental sustainability. This investment decision comes at a time when Clean Energy's financial metrics and market performance are drawing attention.

InvestingPro Data metrics show that Clean Energy has a market capitalization of $689.14M and a price to book ratio over the last twelve months as of Q3 2023 of 1.01, suggesting a fairly valued company in terms of its assets. However, the company's revenue growth has been mixed, with an increase of 8.47% over the last twelve months as of Q3 2023, but a quarterly decline of 23.96% in Q3 2023, indicating some variability in its revenue streams.

The InvestingPro Tips highlight some challenges for Clean Energy, including weak gross profit margins and a volatile stock price, which could be important considerations for investors. Analysts have revised their earnings expectations downwards for the upcoming period and do not anticipate the company will be profitable this year. On the positive side, Clean Energy operates with a moderate level of debt and its liquid assets exceed short term obligations, providing some financial stability.

For those interested in a deeper analysis, there are additional InvestingPro Tips available for Clean Energy Fuels Corp., which can be accessed at https://www.investing.com/pro/CLNE. Readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking further insights that could inform investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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