Cowboy Clean Fuels closes $13m to commercialise technology for RNG and CO2 sequestration
Cowboy Clean Fuels (CCF), an advanced climate tech and energy transition company, has closed approximately $13 million in Series B equity financing.
This funding will be pivotal in commercialising its technology for the simultaneous production of renewable natural gas (RNG) and permanent sequestration of carbon dioxide, presenting a significant opportunity for investors in the growing renewable energy and carbon markets.
Founded in 2020, CCF utilises depleted Coal Bed Methane (CBM) wells and infrastructure in Wyoming's Powder River Basin to generate carbon-negative RNG from agricultural byproducts.
These byproducts are converted into CO2 and renewable methane through a biogenic process in deep, geologic coal formations.
The commercialisation of this technology, termed "Biomass with Carbon Removal and Storage, plus Renewable Natural Gas (BiCRS+RNG)," represents a scalable, capital-efficient solution in the renewable energy sector.
The Series B financing round was led by Houston-based Machan Investments, the family office of former energy executive Dan Dinges.
Cowboy Clean Fuels was advised in the transaction by Syren Capital.
Combined with $7.8 million in Energy Matching Funds (EMF) from the Wyoming Energy Authority (WEA), this capital will support the development of CCF's first commercial project in Wyoming, the Triangle Unit Renewable Energy and Carbon Capture and Storage (TRECCS) Project.
With approval for a Notice to Inject from the Wyoming Department of Environmental Quality (WDEQ), the TRECCS Project began commercial operations in early June.
Since then, it has injected 15,000 barrels of mixed feedstock for microbial conversion to methane and carbon dioxide. This marks a significant milestone as CCF advances towards full commercialisation.
Ryan Waddington, CEO of CCF, stated, "We are incredibly pleased to have secured investment from some of the smartest and most experienced energy entrepreneurs, operators, and investors in the country. This capital, along with the WEA matching funds, will enable us to fully commercialise the BiCRS+RNG process and realise the technology vision behind it, which is nearly twenty years in the making."
Susan Vick Dinges, Syren Capital, commented, "Cowboy's technology is coming to market at a critical juncture in both RNG and CDR markets. Demand for RNG is growing beyond the traditional transportation fuel markets, however traditional RNG supply volumes are constrained and require higher end buyer prices to Cowboy.
"Similarly, demand for high quality, long duration carbon removal is exploding, but at high costs - emerging solutions like DAC are not yet ready to deliver. The investor community recognised that Cowboy is ready to carve out a leadership position in both sectors by delivering both RNG and CDR attributes and credits to market in the near term – and with greater scale than the competitive landscape."
This funding will be pivotal in commercialising its technology for the simultaneous production of renewable natural gas (RNG) and permanent sequestration of carbon dioxide, presenting a significant opportunity for investors in the growing renewable energy and carbon markets.
Founded in 2020, CCF utilises depleted Coal Bed Methane (CBM) wells and infrastructure in Wyoming's Powder River Basin to generate carbon-negative RNG from agricultural byproducts.
These byproducts are converted into CO2 and renewable methane through a biogenic process in deep, geologic coal formations.
The commercialisation of this technology, termed "Biomass with Carbon Removal and Storage, plus Renewable Natural Gas (BiCRS+RNG)," represents a scalable, capital-efficient solution in the renewable energy sector.
The Series B financing round was led by Houston-based Machan Investments, the family office of former energy executive Dan Dinges.
Cowboy Clean Fuels was advised in the transaction by Syren Capital.
Combined with $7.8 million in Energy Matching Funds (EMF) from the Wyoming Energy Authority (WEA), this capital will support the development of CCF's first commercial project in Wyoming, the Triangle Unit Renewable Energy and Carbon Capture and Storage (TRECCS) Project.
With approval for a Notice to Inject from the Wyoming Department of Environmental Quality (WDEQ), the TRECCS Project began commercial operations in early June.
Since then, it has injected 15,000 barrels of mixed feedstock for microbial conversion to methane and carbon dioxide. This marks a significant milestone as CCF advances towards full commercialisation.
Ryan Waddington, CEO of CCF, stated, "We are incredibly pleased to have secured investment from some of the smartest and most experienced energy entrepreneurs, operators, and investors in the country. This capital, along with the WEA matching funds, will enable us to fully commercialise the BiCRS+RNG process and realise the technology vision behind it, which is nearly twenty years in the making."
Susan Vick Dinges, Syren Capital, commented, "Cowboy's technology is coming to market at a critical juncture in both RNG and CDR markets. Demand for RNG is growing beyond the traditional transportation fuel markets, however traditional RNG supply volumes are constrained and require higher end buyer prices to Cowboy.
"Similarly, demand for high quality, long duration carbon removal is exploding, but at high costs - emerging solutions like DAC are not yet ready to deliver. The investor community recognised that Cowboy is ready to carve out a leadership position in both sectors by delivering both RNG and CDR attributes and credits to market in the near term – and with greater scale than the competitive landscape."
