Westgen Technologies Powers Up for Growth with Close of Series A Financing
CALGARY, ALBERTA - Westgen Technologies Inc. ("Westgen"), a clean energy technology company specializing in providing methane emission reduction solutions, is pleased to announce an investment led by ARC Financial Corp. ("ARC Financial") through ARC Energy Fund 9 and Idea Well Capital Partners ("Idea Well"). This new partnership will allow Westgen to accelerate growth of its North American installation base, expand manufacturing capabilities, and bring to market a series of new technology and software offerings.
ARC Financial is Canada's largest energy-focused private equity firm with a 30-year track record of supporting entrepreneurs in scaling high growth businesses. Idea Well is a venture capital fund focused on scaling and maturing climate tech & energy transition businesses through the contribution of capital, knowledge, and effort. The investment by ARC Financial and Idea Well reflects confidence in Westgen's leadership team and the significant runway of opportunity in oilfield emissions reduction.
"The closing of this financing represents a huge milestone for our team. We are at an exciting time in our growth given the market pull we are seeing across North America for our industry leading solutions. We are thrilled the about horsepower the great people at ARC Financial and Idea Well bring to help us achieve our purpose." - Connor O'Shea, CEO Westgen Technologies
Westgen has experienced explosive growth in the Canadian and U.S. markets where oil and gas producers are driven by ESG goals and emerging regulations to reduce methane emissions. Westgen recently expanded its Canadian-based manufacturing operation with a 46,000ft2 facility in Rocky View County, AB. This financing will allow Westgen to rapidly scale up its presence in the U.S. to serve this fast-growing market and set the stage for future manufacturing facilities to meet the demands of an industry increasingly focused on improving environmental sustainability.
Westgen's EPOD (Engineered Power on Demand) is a clean energy technology solution that has become a standard on North American oil & gas production sites. The technology reduces up to 99.5% of emissions from methane gas emitting pneumatic devices, while decreasing operating costs and improving overall site reliability. The EPODs standardized design offers a scalable solution to meet a variety of site demands. Westgen's full solution service model means customers reap the benefits of in-house expertise in power generation, facilities engineering, scalable product design, and carbon policy.
EPODs are reliably generating power and reducing methane emissions in the harshest climates all over North America, from -45°C (-49°F) to 45°C (113°F). Westgen's solutions are giving energy producers the tools to participate in the energy evolution.About Westgen Technologies Inc.
Westgen is a clean energy technology company based in Calgary, Alberta focused on empowering the energy evolution. They believe that the world's energy systems evolve over time to reflect the needs and values of society. Westgen's purpose is to support the energy industry in this evolution and contribute to addressing the dual challenges of energy poverty and climate change.
Founded in 1989, ARC Financial Corp. is committed to building high-performing businesses that address the world's energy and sustainability needs. To date, ARC has raised $6 billion across nine energy-focused funds since the launch of its private equity business in 1997, having invested capital in more than 180 companies across the energy landscape. ARC has a diverse team of investment professionals with deep domain and capital markets experience and expertise across the energy spectrum. www.arcfinancial.comAbout Idea Well Capital Partners
Idea Well partners in scaling and maturing climate tech & energy transition businesses. The team finds great opportunities, puts skin in the game alongside their co-investment partners, works hand in hand with management teams in meaningful ways to help achieve their vision & change the world. Idea Well contributes capital, knowledge & effort.
Westgen Technologies Inc
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