Cenovus Invests $6.3 Million in Energy and Environmental Technology
According to Business Wire, Cenovus Energy Inc. is investing $6.3 million in two Canadian companies through its Environmental Opportunity Fund (EOF), which enables environmental innovations in energy and technology. Cenovus is providing $2.5 million to Saltworks Technologies Inc., and $3.8 million to General Fusion. Saltworks, based in Vancouver, has developed an energy efficient way to convert salt water into fresh water through desalination. The company’s technology removes salt from seawater and underground saline (brackish) water by harnessing low-temperature heat provided by solar energy or waste heat from power generation, which reduces the amount of mechanical and/or electrical energy required. Potential applications for Saltworks'' technology include processing water for industry, as well as producing drinking water for communities and irrigation water for agriculture. Earlier this month, Cenovus invested $3.8 million in General Fusion through the EOF. Based in Burnaby, General Fusion is developing fusion technology where two atoms come into contact and bind together to release energy. This is the same way the sun produces energy. General Fusion uses hydrogen atoms, which are found in abundance in seawater. The by-products of the reaction are safe for the environment and the process emits no greenhouse gases.