KINGWOOD, Texas, June 25 /PRNewswire/ -- Envirogen Technologies, Inc. (Envirogen) and parent company Amplio Filtration have announced that they have reached agreement with an international provider of alternative investment capital to secure financing of up to $50 million for selected Envirogen environmental treatment projects. The funding will provide investment capital for design and installation projects that feature Envirogen's proprietary technology and long-term service agreements across a broad range of environmental treatment scenarios. In the municipal arena, target projects include drinking water treatment, wastewater treatment and groundwater remediation for both organic and inorganic contaminants. In the industrial sector, projects will include groundwater and wastewater treatment as well as process improvement projects that have an environmental component - such as the recovery of materials from process or waste streams for use as recycled materials. All projects will feature Envirogen's technology+services business model that guarantees performance and costs while delivering a low lifecycle cost for the operating life of the installation.
According to Michael M. Stark, President & CEO of Envirogen, the funding will give Envirogen's customers additional flexibility as they look to finance badly needed environmental projects and allow these customers to secure the best lifecycle cost for their investments. "At Envirogen Technologies, we understand that a critical component of creating a low lifecycle cost for an environmental installation is its 10 to 20 years of operating costs, which is why our clients prefer we participate in the operations and maintenance of these installations. At the same time, projects may be delayed or never get off the ground due to difficulties in obtaining the initial capital required for the design, build and install phase. By adding a robust financing element to our technology+services design and build capabilities, we believe we can help communities and companies better manage their costs and maximize their investments at the same time as they are achieving their environmental and regulatory goals," he said.
The Envirogen Offering
Envirogen offers a broad range of technologies, supported by operating service options for a number of environmental treatment applications, including the delivery of high-quality potable water via groundwater treatment, groundwater remediation, wastewater treatment, water re-use, nutrient removal, and odor and VOC control for municipalities and industrial customers. In industrial markets such as mining, hydrocarbon processing and chemical processing, Envirogen also specializes in process water treatment, byproduct recovery and chemical purification. One of the distinguishing characteristics of Envirogen Technologies is its business model, which focuses on "lifecycle performance" - providing guaranteed, pay-for-performance, long-term contracts at predictable costs, offering customers the lowest total cost over the lifetime of an equipment installation.
According to Andrea Davi, head of Amplio Filtration, the securing of this funding is evidence of Envirogen's performance in the marketplace and a vote of confidence for its business model. "Envirogen has had an extraordinary first 6 months under the Amplio Group, winning numerous contracts and already becoming profitable. The $50 million financing puts Envirogen on a very secure financial footing for future design and build projects, not only underlining the strength and scope of the business but emphasizing the high quality of its technology and the ongoing servicing it provides," he said.
Mike Stark went on to stress the importance of Envirogen's comprehensive approach to project development. "If an environmental project isn't meeting its performance criteria, no amount of upfront capital cost savings is worthwhile. At the same time, if the overall lifecycle costs of a project are too high, then the environmental project either won't be undertaken or won't be sustainable in the long term. In the real world of environmental protection - particularly in these difficult economic times - it is a fact that cost and performance go hand in hand," he said. "The real mission of Envirogen Technologies is to marry one of the industry's most exciting technology portfolios with performance guarantees and financing solutions that allow us to deliver the lowest lifecycle cost to our customers," he added.
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SOURCE Envirogen Technologies, Inc.