Farmington, New Mexico— Today, Navajo Transitional Energy Company (NTEC) announced a strategic investment in Enchant Energy Corporation, a Farmington-based company focused on developing a large-scale platform for carbon capture services in the Southwest.
“With this investment in Enchant, NTEC is furthering our commitment to diversifying the company portfolio by acquiring shares in an enterprise focused on addressing the challenge of meeting climate goals through capturing and sequestering carbon emissions from existing power plants and industrial facilities in the western U.S. NTEC’s goals are aligned with those of Enchant’s management, and we value the opportunity to be at the forefront of technological developments in this industry,” said Vern Lund, NTEC Chief Executive Officer.
Founded in 2019, Enchant recognizes the global need for sustainable low-carbon power generation necessary to meet climate change emissions goals. Enchant is building a portfolio of large-scale carbon capture and sequestration (CCS) projects on existing power plants to enable carbon dioxide emissions reductions and produce sustainable low-emissions electricity at scale. With this investment, NTEC gains a board seat and will utilize their expertise to help the company yield strong investor returns and embrace environmental goals.
Cindy Crane, CEO of Enchant commented, “We are excited to have NTEC join us. Our shared goals include giving back to our community, while using cutting-edge technology to decarbonize electric power, enabling sustainable development, and demonstrating that CCS can help avoid emissions from existing power plants through retrofits. NTEC’s expertise will be invaluable.”