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Creed, Caterpillar group president of Energy
& Transportation.
“This agreement supports our commitment
to investing in new products, technologies
and services to help our customers achieve
their climate-related objectives as they build a
better, more sustainable world.”
CHEVRON, September 08, 2021
Thiozen raises $3mn to

advance low emission

hydrogen

Thiozen, a pioneer in low emission hydrogen
technology, announced today that it has raised
$3mn in Series Seed funding. The round
was led by Eni Next, the venture investment
vehicle of Eni, with participation from Good
satisfied through the issuance of 3,464,204 ENERGY TRANSITION Growth Capital and Mount Wilson Ventures.
common shares of Cathedral to Valiant. The Thiozen is developing a unique solution that
consideration shares will be subject to a four- Chevron, Caterpillar would dramatically reduce emissions in the
month statutory hold period. energy industry. It generates hydrogen from
Post-closing, Cathedral’s Canadian announce collaboration a high-volume industrial waste stream and
business is expected to operate over 30 water, avoiding the large carbon footprint of
jobs in Q3-2021 in the Western Canadian agreement on hydrogen traditional hydrogen production.
Sedimentary Basin (WCSB) which equates “Thiozen is a pragmatic response to
to an estimated market share of current Chevron USA, a subsidiary of Chevron, greenhouse gas emissions for the energy
active jobs in Canada of more than 20%. and Caterpillar today announced a industry, a sector that faces perhaps the most
Valiant currently has a five-job capability collaboration agreement to develop hydrogen difficulty in their path to decarbonisation,”
and has been consistently operating at high demonstration projects in transportation said Ryan Gillis, CEO of Thiozen.
levels of utilisation since inception. This and stationary power applications, including “Commitments to reduce greenhouse gas
transaction also represents an opportunity prime power. emissions are just words until the technology
for further margin expansion as Cathedral’s The goal of the collaboration is to confirm that allows these reductions is brought to
complementary motor fleet replaces motor the feasibility and performance of hydrogen market. We are excited to be working with a
rentals on existing Valiant jobs. The principal for use as a commercially viable alternative high-calibre group of investors that shares our
owner of Valiant, Mr. Vaugn Spengler, has to traditional fuels for line-haul rail and vision of a low carbon world.”
entered into a long-term performance-based marine vessels. The collaboration also seeks to “We are very excited to partner with
agreement to remain with Cathedral and will demonstrate hydrogen’s use in prime power. Thiozen, a company founded by high-calibre
continue to focus on opportunities to support Linked to the collaboration, and facilitated scientists to develop and commercialise
and expand the existing customer base. by Progress Rail, a Caterpillar company, a promising technology to produce
Tom Connors, Cathedral President and the parties also agreed to demonstrate a hydrogen from a waste stream with multiple
CEO, commented: “Valiant has constantly hydrogen-fuelled locomotive and associated applications along the entire energy supply
outperformed the market on a utilisation hydrogen-fuelling infrastructure. Work on chain. This investment reaffirms our
basis and delivered above average margin the rail demonstration will begin immediately commitment to support innovative solutions
performance and financial results over several at various locations across the United States. for clean hydrogen production,” said Mr.
years due to their high reliability and efficient “Through Chevron New Energies, Gabriele Franceschini, Chairman and CEO of
operations. We are pleased to have Mr. Chevron is pursuing opportunities to create Eni Next.
Spengler join our organisation and are excited demand for hydrogen – and the technologies Thiozen will use the Series Seed funds
about his contribution to our growth into the needed for its use – for the heavy-duty to scale its technology to a commercial
future. This deal represents another step on transportation and industrial sectors, in which demonstration.
our strategic consolidation path and solidifies carbon emissions are harder to abate,” said Success will accelerate the energy transition
our position as one of the top three directional Jeff Gustavson, president of Chevron New by allowing large energy customers to turn
drilling contractors in Canada by job count. Energies. “Our collaboration with Caterpillar a waste stream into valuable low emission
We will continue to explore opportunities is another important step toward advancing a hydrogen gas.
to expand our business in both Canada and commercially viable hydrogen economy.” THIOZEN, September 08, 2021
the USA through organic growth, further “As we work to provide customers with
accretive acquisitions, and leading-edge the capability to use their desired fuel type in
technology.” their operations, collaborating with Chevron
CATHEDRAL ENERGY SERVICES, September 08, is a great opportunity to demonstrate the
2021 viability of hydrogen as a fuel source,” said Joe

Week 36 09•September•2021 www. NEWSBASE .com P13