Massachusetts-based Eden, a sustainable natural resource recovery company, has raised $12M (nearly €11.35M) in an oversubscribed seed round of funding, bringing its total raised capital to $21.3M (nearly €20.15M), including $9.2M (nearly €8.7M) in non-dilutive grants.
The funding was led by TechEnergy Ventures and Helmerich & Payne, Inc., with participation from Grantham Foundation for the Protection of The Environment, Anglo American, Good Growth Capital, Mass Ventures, and Portfolia Green & Sustainability Fund.
Chris Miller, Director of Helmerich & Payne’ Corporate Ventures says, “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 minimise 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.”
“The leader in natural resource recovery”
Reservoir stimulation is vital for the energy transition, with the US Department of Energy (DOE) emphasising the need for innovative techniques to unlock gigawatts of renewable power potential, especially in geothermal systems where costs could be reduced by up to 90 per cent.
These techniques are also crucial for geologic hydrogen, with potential production costs below $1/kg, aligning with the DOE’s 2030 target. Eden’s technology extends to geologic carbon storage and eco-friendly mining, enabling better subsurface management for CO2 injectivity and critical mineral recovery.
Eden’s ERS technology enhances the value of geologic assets by utilising high-voltage electricity and advanced monitoring to increase rock permeability and control fracture networks precisely.
The company claims that this innovation significantly improves reservoir productivity, making energy transition initiatives more economically viable.
Unlike traditional hydraulic-fracturing methods, ERS minimises water usage, reduces emissions, and avoids uncontrollable fractures, leading to a substantial decrease in CO2 emissions, water consumption, and environmental hazards compared to conventional hydraulic-fracturing operations.
Paris Smalls, CEO of Eden says, “At Eden, we create underground lightning strikes to vaporise 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 maximise the stimulated geologic reservoir volume, increasing the economic value of these resources.”
Capital utilisation
Eden plans to use the funds to expand the deployment of its Electrical Reservoir Stimulation (ERS) technology in various applications such as geothermal, geologic hydrogen, geologic carbon storage, and sustainable mining.
Following a successful pilot test in Oman, the company plans additional pilot projects. These initiatives not only validate the technology but also enhance Eden’s capability to enhance permeability in various geologies, catering to different use cases.
Alejandro Solé, Chief Investment Officer at TechEnergy Ventures says, “Eden’s technology will become a critical enabler to many energy transition initiatives that require the controlled enhancement of subsurface permeability to more rapidly become economically viable and accelerate their deployment.”
“The Eden team has the technology, the expertise, and the commitment to scale this technology across geologies. We’re excited to support Paris and his team in this next phase of technology development.”
