Sustainable Mining Tech Startup Eden Raises $12 Million
Sustainable mining tech startup Eden today announced that it has raised $12 million in seed funding, with proceeds from the financing aimed at scaling the company’s sustainable natural resource solution.
Founded in 2017, Eden has developed Electrical Reservoir Stimulation (ERS) technology, designed to “break rocks with electricity,” in order to increase the recovery of natural resources, improve the economics of resource recovery, and minimize environmental impact. The company’s technology uses high-voltage electricity to increase rock permeability, enabling a step-change improvement in reservoir productivity, and in the economic viability of energy transition initiatives that lever geological reservoirs, such as geothermal energy and geologic hydrogen. The ERS technology is designed as an evolution from hydraulic fracking, which uses millions of gallons of water to break apart rocks to access the desired material. According to Eden, the solution results in reduced emissions, water consumption, and other environmental hazards compared to hydraulic fracking.
Eden will use the seed funds to scale its ERS technology deployment across geothermal, geologic hydrogen, geologic carbon storage, and sustainable mining applications. The company is also planning additional pilot projects following a successful one in Oman.
Paris Smalls, CEO of Eden said:
“At Eden, we create underground lightning strikes to vaporize rocks and enhance permeability in geologic reservoirs. This is coupled with advanced 3D reservoir modeling, geophysical reservoir monitoring, and proprietary injection and production strategies to maximize the stimulated geologic reservoir volume, increasing the economic value of these resources.”
TechEnergy Ventures and Helmerich & Payne led the round, with participation from Grantham Foundation for the Protection of The Environment, Anglo American, Good Growth Capital, Mass Ventures, and Portfolia Green & Sustainability Fund. The company has raised $21.3 millionto date.
Chris Miller, Director of Helmerich & Payne’ Corporate Ventures said:
“Eden is building technology in pursuit of a more efficient and renewable energy future. Our collective energy needs are growing right alongside the need to minimize environmental impact. Eden’s technology has the potential to deliver right at this sweet spot, to increase yields while helping us move towards a more sustainable future.”