Cowboy Clean Fuels Completes Series A Financing to Advance Renewable Natural Gas Commercialization Plan

Innovative Energy Transition Start-Up's Patented Technology Utilizes Subsurface Coal Seams as Geologic Bio-Reactors to Produce Carbon-Negative Renewable Natural Gas From Alternative Biomass Feedstocks

DENVER, March 28, 2023 /PRNewswire/ -- Cowboy Clean Fuels, LLC ("we," "us," "our," or "the Company"), a premier energy technology company formed to produce carbon-negative, renewable natural gas ("RNG") from readily available waste agricultural byproducts utilizing proprietary, patented technology, today announced the closing of a $7.5 million Series A financing led by Machan Investments, LLC and advised by Syren Capital, LLC. The capital will be used to clear regulatory pathway objectives, provide initial engineering design and prepare for the Company's initial commercial-scale project launch in the Powder River Basin ("PRB") of Wyoming.

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Ryan Waddington, Cowboy Clean Fuels Co-Founder and Chief Executive Officer commented, "I'm pleased to announce the closing of our initial funding round and excited that we are on pace to advance commercialization of the first RNG technology with the potential to build out a scaleable, renewable energy solution that can make a material difference in our energy economy. More importantly, our patented process works in a way that can significantly mitigate the climate problem by removing and permanently sequestering atmospheric carbon dioxide ("CO2"). We are grateful for the support of Machan Investments and our entire investor group and together look forward to scaling our unique position within the clean energy and RNG sectors."

Cowboy Clean Fuels' innovative, field-tested process utilizes non-producing Coal Bed Methane ("CBM") wells and infrastructure to produce renewable methane through a naturally-occurring biogenic process, similar to anaerobic digestion, that occurs in deep, geologic formations. The Company's proprietary technology was developed by Cowboy Clean Fuels Co-Founder and Chief Technology Officer, Dr. Michael Urynowicz, Ph.D, at, and exclusively licensed from, the University of Wyoming's Center for Biogenic Natural Gas Research. The Company's world class leadership team has over 100 years of experience in clean energy technology commercialization, upstream gas operations, and large-scale energy project development. RNG has become one of the fastest growing sectors supporting the energy transition in recent years, attracting billions of dollars in investment capital. The Company's RNG technology is the first to result in the actual removal of carbon dioxide from the atmosphere rather than simply reducing or preventing future emissions and has broad reaching environmental benefits.

"I am thrilled that we are on the cusp of advancing our first commercial project in the PRB," stated Dr. Michael Urynowicz. "This is the culmination of over a decade of research and development and could not have been accomplished without the unwavering support received from the University of Wyoming and the State of Wyoming as it continues its legacy of helping provide the energy that our country needs, from coal to uranium to natural gas, and now RNG."

"We are excited to partner with the innovative management team of Cowboy Clean Fuels as they are at the forefront of technological advances that will support the next phase of growth in the RNG industry," said Dan Dinges, Partner of Machan Investments and long-time energy industry executive. "Natural gas is a vital component to our nation's economy, ensuring its energy independence. Fortifying traditional natural gas markets with scalable solutions in RNG production while using existing legacy production infrastructure not only maximizes renewable production output for a better climate but dramatically reduces overall project costs compared to other RNG and carbon sequestration/direct air capture projects. Cowboy Clean Fuels' patented, proprietary technology and business strategy accomplishes this objective, and we look forward to supporting the team as they work towards achieving key milestones over the next several years."

ABOUT COWBOY CLEAN FUELS

Cowboy Clean Fuels is a Denver, Colorado-based emerging renewable energy technology company formed in 2020 to produce carbon-negative, renewable natural gas. The Company's patented, capital-efficient and highly scalable process utilizes readily available waste agricultural byproducts, which are converted to pipeline-ready renewable methane through a naturally-occurring biogenic process that happens in deep geologic formations. Cowboy's RNG will become the gold standard for clean fuels and a critical component of the clean energy economy of the future.

ABOUT MACHAN INVESTMENTS

Machan Investments is a Houston, Texas-based, investment firm and family office of Dan Dinges, long time energy industry executive and Susan Vick, legacy capital markets specialist. With deep experience in energy markets and working with development companies, Machan was founded to provide capital to innovative, early-stage companies with compelling fundamentals in the renewable and sustainable energy landscape. Machan works side by side with experienced management teams to build and foster long term value for the companies it invests in and for all shareholders.

ABOUT SYREN CAPITAL

Syren Capital, LLC is a Houston, Texas-based corporate finance and advisory firm specializing in the energy value chain with a particular expertise in renewable natural gas markets. Formed in 2010, Syren provides advisory services to clients on capital formation, commercial strategy, commodities supply/offtake, development support and M&A across the industry. Syren excels at delivering capital solutions to maximize shareholder value.

MEDIA CONTACT

Noah Yates
Vice President – Finance and Strategy
(732) 608-3499
[email protected]

SOURCE Cowboy Clean Fuels