- Cowboy Clean Fuels announced it has closed a $7.5 million Series A funding round.
Cowboy Clean Fuels – a premier energy technology company formed to produce carbon-negative and renewable natural gas (RNG) from readily available waste agricultural byproducts utilizing proprietary patented technology – announced the closing of a $7.5 million Series A financing led by Machan Investments, LLC and advised by Syren Capital, LLC. The funding will be used to clear regulatory pathway objectives, provide initial engineering design, and prepare for the company’s initial commercial-scale project launch in the Powder River Basin (PRB) of Wyoming.
Cowboy Clean Fuels’ field-tested process utilizes non-producing Coal Bed Methane (CBM) wells and infrastructure to produce renewable methane through a naturally-occurring biogenic process – similar to anaerobic digestion – that occurs in deep geologic formations. And the company’s proprietary technology was developed by Cowboy Clean Fuels Co-Founder and Chief Technology Officer, Dr. Michael Urynowicz, Ph.D, at, and exclusively licensed from, the University of Wyoming’s Center for Biogenic Natural Gas Research.
Plus the company’s leadership team has more than 100 years of experience in clean energy technology commercialization, upstream gas operations, and large-scale energy project development. And RNG has become one of the fastest-growing sectors supporting the energy transition in recent years, attracting billions of dollars in investment capital. The company’s RNG technology is the first to result in the actual removal of carbon dioxide from the atmosphere rather than simply reducing or preventing future emissions and has broad-reaching environmental benefits.
KEY QUOTES:
“I’m pleased to announce the closing of our initial funding round and excited that we are on pace to advance commercialization of the first RNG technology with the potential to build out a scaleable, renewable energy solution that can make a material difference in our energy economy. More importantly, our patented process works in a way that can significantly mitigate the climate problem by removing and permanently sequestering atmospheric carbon dioxide (“CO2“). We are grateful for the support of Machan Investments and our entire investor group and together look forward to scaling our unique position within the clean energy and RNG sectors.”
— Ryan Waddington, Cowboy Clean Fuels Co-Founder and Chief Executive Officer
“I am thrilled that we are on the cusp of advancing our first commercial project in the PRB. This is the culmination of over a decade of research and development and could not have been accomplished without the unwavering support received from the University of Wyoming and the State of Wyoming as it continues its legacy of helping provide the energy that our country needs, from coal to uranium to natural gas, and now RNG.”
— Dr. Michael Urynowicz
“We are excited to partner with the innovative management team of Cowboy Clean Fuels as they are at the forefront of technological advances that will support the next phase of growth in the RNG industry. Natural gas is a vital component to our nation’s economy, ensuring its energy independence. Fortifying traditional natural gas markets with scalable solutions in RNG production while using existing legacy production infrastructure not only maximizes renewable production output for a better climate but dramatically reduces overall project costs compared to other RNG and carbon sequestration/direct air capture projects. Cowboy Clean Fuels’ patented, proprietary technology and business strategy accomplishes this objective, and we look forward to supporting the team as they work towards achieving key milestones over the next several years.”
— Dan Dinges, Partner of Machan Investments and long-time energy industry executive
