Bakken Energy
Committed to delivering world-class energy transition solutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | N/A | Early VC | |
| Total Funding | 000k | ||
Bakken Energy, an infrastructure development company founded in 2018 by Steve Lebow, is strategically positioning itself to become a significant independent power producer in North Dakota. The company's formation was backed by the Family Office of its founder, who has a notable history in finance, including co-leading Donaldson, Lufkin & Jenrette's Los Angeles office and founding the venture capital firm GRP Partners, which financed major companies like Costco and PetSmart. Since its inception, Bakken Energy has secured $22.2 million in funding over three rounds, with the latest being a seed round in November 2022 involving institutional investor HYOSUNG and several angel investors.
The company's core business revolves around developing clean hydrogen production facilities and natural gas-fueled power generation projects. A key initiative is the development of a world-class clean hydrogen hub in North Dakota, focusing on blue hydrogen produced from natural gas with associated carbon capture and sequestration. This ambitious project involves a strategic partnership with Mitsubishi Power Americas to create an infrastructure for producing, storing, transporting, and consuming clean hydrogen. A pivotal element of this plan was the agreement to acquire the Great Plains Synfuels Plant from Basin Electric Power Cooperative's subsidiary, Dakota Gasification Company, with the goal of transforming it into the largest and lowest-cost clean hydrogen production facility in the United States.
Bakken Energy's business model targets the decarbonization of high-emission sectors, including energy, agriculture, and transportation. The company aims to provide flexible power solutions for a range of clients, from traditional utilities to industries with high power demands like data centers. By utilizing North Dakota's abundant natural gas resources and unique geology, the firm anticipates a variable production cost of less than $1 per kilogram of hydrogen. Revenue generation is tied to securing off-take agreements with creditworthy counterparties in the power and long-haul trucking sectors. The company's projects are designed to connect via pipeline to other clean hydrogen hubs across North America, establishing a broad network for clean energy distribution.
Keywords: clean hydrogen production, blue hydrogen, natural gas power generation, carbon capture and sequestration, North Dakota energy, hydrogen hub, energy infrastructure development, Steve Lebow, Mitsubishi Power partnership, Great Plains Synfuels Plant, decarbonization solutions, independent power producer, transportation fuel, data center power, energy project financing, Basin Electric Power Cooperative, Dakota Gasification Company, upper midwest energy, value-added natural gas, energy project developer