BENICIA, Calif., Nov. 15, 2013 /PRNewswire/ -- Therma-Flite announced today that it closed a $7.5 million equity financing round with XPV Capital. Therma-Flite, a leader in clean technology, has experienced a period of unprecedented growth, more than doubling over the past three years. This growth is fueled by strong demand for its proprietary processing systems for municipal wastewater treatment and innovative technology used by the oil and gas industry.
"We are excited to have closed this round of funding with XPV Capital. Their involvement will give us the ability to introduce new products within our core markets and expand our plants in Benicia, California and El Dorado, Arkansas," said Therma-Flite CEO Mike Potter.
The Therma-Flite Bio-Scru® technology makes possible energy-efficient, automated conversion of wastewater solids into Class A biosolids, turning a waste into a resource that can be used to replace chemical fertilizers in parks and recreational areas. Drying the biosolids reduces transportation and tipping fees, saving municipalities money and reducing the waste going to landfill.
Therma-Flite's Holo-Scru® thermal desorption systems are used by the oil & gas industry to remediate sludges containing high levels of water, diesel and crude oil. The process thermally separates and recovers the water, diesel and oil, which can then be resold or reused. With the ability to clean the solids to nearly non-detectable levels, the Holo-Scru® thermal desorption process is a key component to waste reduction for Haz-waste producers.
Therma-Flite's business model and corporate culture is all about creating a sustainable future for the planet. "My goal for Therma-Flite is to build a company that provides a large positive impact to humanity," explains CEO Mike Potter. "Our technology keeps sewage sludge from contaminating drinking water, recovers diesel fuel from spent drilling mud, and reclaims oil from waste plastics that would normally get buried in a garbage dump."
"We are delighted to partner with Mike Potter and his team," said Khalil Maalouf, Managing Director at XPV Capital. "As a leading provider of waste-to-product technologies Therma-Flite has been known to us for a while through its reputation with both industrial and municipal clients. We expect the Company to maintain its steep growth trajectory while benefiting from access and partnership with our portfolio companies and the broader XPV ecosystem."
About XPV Capital Corporation
XPV Capital Corporation is a Toronto-based investment firm focused on "Making a Difference in Water." By combining proven water entrepreneurs with seasoned investment professionals, XPV is a true value-added financial partner for both investors and companies aiming to capitalize on the sweeping transformation taking place in the global water industry. For more information visit http://www.xpvcapital.com.
Therma-Flite is a private sustainable technology company focused on waste water treatment and resource recovery. Therma-Flite's patented technology converts municipal sewage sludge into a soil amendment and/or renewable energy feedstock, recovers oil from mixed plastics, and reclaims high-quality diesel fuel from spent drilling mud. With over 20 installations, our processing systems provide a proven, cost-effective, and environmentally responsible alternative to landfills.
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