Press Release, July, 2008
Virgin Green Fund and Masdar Clean Tech Fund Complete Buy-Out of DuraTherm, Inc.
San Francisco and London. Virgin Green Fund and Masdar Clean Tech Fund today announced the buy-out of DuraTherm, Inc., a petroleum and metal recycling business based in Texas City, TX. The transaction, structured as an asset acquisition, was supported by debt from HSH Nordbank and completed at an undisclosed valuation.
Using its patented DuraTherm Desorption® technology, the Company provides treatment services, either at its facility in Texas City or with its mobile units at a customer’s site, for waste streams generated by petroleum and olefin-related industries. The proprietary technology produces “clean” residuals while maximizing the recovery of metal and oil values contained in the wastes, providing an environmental solution superior to the alternative disposal methods of incineration and landfill.
The new investors are providing additional capital to improve the DuraTherm facility’s capacity and capability, as well as improving and deploying its mobile DuraTherm Desorption® units, expanding its geographic availability to both US and international customers.
Kevin Trant, formerly EVP of the Services and Products Group of Siemens Water Technologies, has been hired as CEO to lead the next phase of DuraTherm’s growth Mr. Trant noted, “I am excited by the challenge of joining DuraTherm as CEO and delighted to be associated with Virgin Green Fund and Masdar Clean Tech Fund. Both groups provide the financial resources and global influence necessary to take DuraTherm through the next stage of its growth.”
Founder and exiting CEO, Barry Hogan, stated, “The exiting equity group chose the Virgin/Masdar proposition because their commitment to funding growth best positions the Company and its employees to meet the large market opportunity created by the escalating commodity values of oil and metals.” Mr. Hogan will continue to serve the Company in an advisory capacity.
Evan Lovell, partner of Virgin Green Fund, said, “We are excited about our involvement with DuraTherm and believe that the company is well-positioned to capture a greater share of the petroleum-related waste being generated by the petroleum and petrochemical industries. We intend to continue to provide world-class services to DuraTherm’s customers on a global basis.”
Wayne Keast, partner at Consensus Business Group and acting on behalf of the Masdar Clean Tech Fund, added, “Regulations relating to the handling of petroleum waste continue to strengthen in favor of environmentally friendly solutions such as the DuraTherm Desorption® technology. The fact that the key management team that created the opportunity remains committed to the future of the business speaks volumes for their belief in and commitment to the Company. We are sure Kevin Trant’s leadership will only serve to bolster and enhance the existing team.”
About Virgin Green Fund
Virgin Green Fund has been established to invest in companies in the renewable energy and resource efficiency sectors, primarily in the United States and Europe. Virgin Green Fund is a sector-focused, multi-stage investment firm investing primarily in expansion/growth capital opportunities with offices in London and San Francisco. Diversification is a cornerstone of the strategy. The Fund has been launched with the backing of the Virgin Group and a strong network of additional limited partners. For more information, visit www.virgingreenfund.com.
About Masdar Clean Tech Fund
The Masdar Clean Tech Fund LP is a $250M investment vehicle made up of commitments from the following
The fund is co-managed by CS, CBG, and ADFEC, and leverages Abu Dhabi’s larger alternative energy initiative, known as the “Masdar Initiative,” that was launched in March 2006. The Masdar Initiative is Abu Dhabi’s multi-faceted project to champion the development of advanced energy technologies and promote diversified and sustainable economic growth. The initiative leverages Abu Dhabi’s considerable financial resources and energy expertise into innovative solutions for cleaner, more sustainable energy production and resource conservation. For more information, visit www.masdarctf.com.
Press Release, July, 2006
DuraTherm Crew On Site in Indonesia
Houston, Texas July 20, 2006 A crew of DuraTherm DesorptionSM Services technicians arrived in East Kalimantan, Indonesia, to begin installation and preparation of the mobile desorption units at the Halliburton Mahakam Delta development site. The treatment facility Halliburton operates for Total Petroleum recovers oil from drill cuttings and represents the largest facility of its kind in Asia. DuraTherm is providing the thermal desorption equipment and technology.
Press Release, July, 2006
New Chief Financial Officer for DuraTherm, Inc.
Houston, Texas DuraTherm, Inc., of Texas City, Texas, announces the appointment of Randolph R. Reed as the company’s Chief Financial Officer. DuraTherm CEO Barry Hogan said, “We are very pleased to welcome Randy to our management team. We believe that his experience with energy and petrochemical related-related businesses and his strong financial and management background with large global companies will help take DuraTherm to the next level.”
Press Release, June, 2006
DuraTherm’s San Leon Facility Annexed by Texas City
Houston, Texas The DuraTherm, Inc., facility in San Leon, Texas, announces its annexation by the municipality of Texas City. Barry Hogan, DuraTherm CEO, commented, “Our customers in the Texas City refining corridor have always been our primary focus. We are pleased to become part of Texas City and look forward to supporting the community in any way we can.”
Houston Chronicle, December, 2005
Halliburton To Provide Drilling Waste Management Services for Total E&P Indonesia
Houston, Texas Halliburton’s fluids division signed a contract with Total E&P Indonesie for the Mahakam Delta development in East Kalimantan. The four-year contract for treatment of drill cuttings and recovery of oil for reuse in drilling fluids is the largest of its kind in Asia, the company said. Halliburton will be providing rig site waste management supervisors, collection equipment, and a ground control facility that will use mobile DuraTherm DesorptionSM units to handle and treat the waste streams generated by drilling operations, returning the maximum possible recovered fluids to the operator.