Contact Information: Contact: Beth Monaghan (for Soane Energy) InkHouse 781-916-9090 x801 beth@inkhousepr.com
Soane Energy Secures First Round of Institutional Financing
Chevron Technology Ventures Joins Lead Investor Intervale Capital to Fund Development of Oil and Gas Technologies That Address the Worldwide "Hunger for Energy"
| Source: Soane Energy
CAMBRIDGE, MA--(Marketwire - September 14, 2009) - Soane Energy LLC today announced that it has
secured its first institutional round of financing. The round was led by
Intervale Capital and also included CTTV Investments LLC, the venture
capital arm of Chevron Technology Ventures. Soane Energy is focused on
developing and applying innovative chemical solutions based on specialty
polymers and surface science to help meet the worldwide hunger for energy
in a practical, immediate and environmentally responsible way. The
company's initial focus is on the oil sands market in Canada.
"The US Department of Energy projects that our reliance on fossil fuels
will actually increase over the next two decades," said David Soane, Ph.D.,
founder of Soane Energy. "While alternative energy will fulfill our power
needs of tomorrow, Soane Energy's technology can be applied today to
improve the efficiency of oil and gas extraction and reduce the
environmental impact of exploration and production."
Canada provides 19 percent of the U.S.'s foreign oil supply, making it the
number one oil exporter to the U.S. Half of that oil comes from oil sands,
which have an estimated developable reserve of 175 billion barrels.
However, the oil sands extraction process is energy-intensive and
inefficient. It also produces a byproduct of contaminated water, currently
stored in manmade lakes (called tailing ponds) that cover over 130 square
kilometers of the Canadian landscape. To comply with new environmental
directives from Alberta's Energy Resources Conservation Board (ERCB), oil
producers are seeking new recovery options that can make the oil sands
production process more efficient, less costly and more environmentally
friendly.
"The ERCB in Alberta has issued new directives with deadlines beginning in
September 2009, which means that oil sands producers are looking for
immediate and effective solutions to the tailings issue," said Charles
Cherington, Managing Partner and co-founder of Intervale Capital. "Soane
Energy offers a significant opportunity to address the tailings problem in
a more economic and environmentally friendly manner."
Soane Energy is developing a portfolio of technologies based on polymer
chemistry and microparticle science that will enable operators to improve
the efficiency of producing oil from oil sands, while reducing the
environmental impact of tailings ponds. With Soane Energy, operators will
be able to reduce the energy used in the oil extraction process, recycle
water used in the process, decrease overall water consumption, reduce CO2
emissions, reduce costs associated with tailings ponds maintenance, and
consolidate solids to allow for rapid land reclamation.
About Soane Energy
Soane Energy LLC was founded in 2006 by scientist and serial entrepreneur
David Soane, Ph.D. An early stage specialty materials company, Soane Energy
is the latest in a long line of Dr. Soane's successful ventures, including
ACLARA BioSciences, Nano-Tex, and Innovative Construction and Building
Materials. All of these ventures have demonstrated the successful
application of polymer-based nanomaterials in everyday life, solving
problems from stains on clothing to the durability of construction
materials. Soane Energy is focused on developing and applying innovative
chemical solutions to help meet the worldwide "hunger for energy" in a
practical, immediate and environmentally responsible way. Through its
contributions to the energy industry, Soane Energy believes it will have a
profound effect on improving the health of the planet while generating
significant returns to company shareholders. For more information, visit
www.soaneenergy.com.
About Intervale Capital
Intervale Capital is a private equity firm, based in Houston and Boston,
focused exclusively on investments in middle-market oilfield services
companies and related technologies. Intervale, together with its
predecessor entities, has ten platform investments. More information is
available at www.intervalecapital.com.
About Chevron Technology Ventures
CTTV Investments LLC, the venture capital arm of Chevron Technology
Ventures, identifies and invests in new technologies and business
opportunities that can create value, clear competitive advantage and
superior financial returns for Chevron Corporation.
Chevron Corporation is one of the world's leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company's success is driven by the ingenuity and commitment of
approximately 62,000 employees who operate across the energy spectrum.
Chevron explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions; and
develops the energy resources of the future, including biofuels and other
renewables. Chevron is based in San Ramon, California. More information
about Chevron is available at www.chevron.com and www.chevron.ca.