Investment Will Help Drive Advancement of Oil and Gas Wastewater Recycling Using Proprietary Pre-Treatment Processes and Membrane Technologies
Fort Worth, Texas (February 3, 2010) – GeoPure HydroTechnologies, LLC, a company devoted to recycling produced and flowback water, has secured an initial infusion of Series-A capital to commercialize its proprietary pre-treatment and membrane technologies. The financing was lead by Fort Worth-based Stockyard Capital and a group of Fort Worth-based businessmen. In conjunction with the Series-A financing, Ryan Perras, Founder and Managing Partner of Stockyard Capital Management, will assume the role of Chief Financial Officer and Chief Operating Officer of GeoPure HydroTechnologies.
Simultaneous to the financing, GeoPure HydroTechnologies acquired the assets, including all physical assets and intellectual property, of Geopure Water Technologies, LLC. Steve Cone, founder of Geopure Water Technologies, will join GeoPure HydroTechnologies as Chief Executive Officer.
GeoPure HydroTechnologies is dedicated to developing and commercializing processes and technologies used to the treat wastewater generated during the exploration and production (E&P) of oil, natural gas, coal and other natural resources. Hundreds of millions of gallons of wastewater are generated annually in the United States and must be treated appropriately, costing E&P companies billions of dollars in treatment and disposal costs. New technologies, such as hydraulic fracturing (fracking), are further increasing the generation of wastewater. Historically, this contaminated water was injected into disposal wells, placed in large pits or released into the environment. Regulatory changes are making these historical methods cost prohibitive in many areas of the country.
“We believe the Hydrocarbon Exploration and Production Industry is on the brink of a water crisis, and wastewater recycling is the only logical solution,” said Mr. Perras. “Our investment recognizes GeoPure’s unique technology, expertise and commitment to innovation that will drive it to revolutionize and grow this emerging market.”
During the exploration and production of natural resources, water is contaminated with dissolved and suspended solids, biological contaminants, hydrocarbons and other hazardous materials. Purifying and recycling this water was historically very difficult and expensive. GeoPure HydroTechnologies’ management team, with a combined 70+ years of experience in the oilfield service and wastewater industries, recognized the emerging water crisis and developed a solution. Combining a number of significant advancements made in the lab and proven effective in the field, the team spent four years developing a series of chemical processes and filtration steps that purify and recycle contaminated E&P wastewater.
“Our solution is flexible, reliable, cost-effective, efficient and environmentally friendly,” said Mr. Cone. “After processing, the amount of hazardous material for disposal by traditional methods is reduced by over 65%. The purified, recovered water can be reused in field operations, reducing the impact on local water supplies. All of this can be performed at or below current wastewater disposal costs.”
“GeoPure HydroTechnologies’ regulatory and technological expertise is helping to define the emerging field of E&P wastewater management and recycling,” said Mr. Perras. “I congratulate Steve and his team for spending the last four years developing and perfecting the technology. This financing will allow GeoPure to commence commercial operations. I am excited about the opportunity and look forward to working with such a fantastic team.”
About GeoPure Hydrotechnologies, LLC
GeoPure HydroTechnologies is a commercial-stage service provider to contaminated water producers, providing our customers with customized, economical and environmentally beneficial solutions for their large and growing water needs. For more information, please go to www.geopureht.com.
About Stockyard Capital Management, LLC
Stockyard Capital Management is a Fort Worth based fund whose primary investment focus is emerging technology in the State of Texas. The firm applies an operational, hands-on approach with portfolio companies by recruiting and building management teams, developing and commercializing products and establishing productive connections with business partners.
