HOUSTON, November 18, 2013 /PRNewswire/ --
Produced Water Absorbents, Inc. and its subsidiaries (PWA) have completed a $9.2 million acquisition of the operating assets of oil and gas technology company ProSep Inc. and are launching a combined portfolio of patented solutions to treat oil, natural gas and produced water.
The company will now operate the business units as PWA-ProSep and will relocate its headquarters and laboratory to new premises on the Bingle Road area of Houston with supporting manufacturing and assembly facilities at a separate site in the city. The company's global reach will include regional offices in Aberdeen, Scotland and Kuala Lumpur, Malaysia.
PWA-ProSep can now offer the most comprehensive portfolio of patented solutions to treat oil, natural gas and produced water - a growing challenge for global oil and gas operators.
Neil Poxon, CEO of PWA-ProSep, said: "We have huge ambitions for this new entity as we understand the challenges that oil and gas operators face in managing crude oil, water and gas streams and keeping in compliance with environmental regulations. Our groundbreaking technology and leasing experience combined with a wide product portfolio, fabrication facilities and geographic spread means we can offer a truly unique lifecycle approach to treating oil, natural gas and produced water."
Combined, the organization employs 90 people with plans to hire up to 20 additional employees in the first year.
In May this year PWA launched to market its revolutionary regenerable absorption media used for the treatment of oilfield water and gas streams. Osorb® Media allows clients to meet and surpass stringent new environmental and discharge regulations.
The regeneration capability of the Osorb® Media sets it apart from other water treatment techniques by drastically reducing the costs of media replacement and also decreasing the amount of waste to be transported and disposed. Osorb® Media has the ability to remove free, dispersed, emulsified and soluble hydrocarbons from water and gas streams.
The equity for the transaction was provided PWA's existing investors led by Energy Ventures with offices in Norway, Aberdeen, and Houston, Texas and Harris and Harris Group, Inc. with offices in New York City and Palo Alto, California. Debt finance is being supplied by Comerica Bank's Technology and Life Sciences group for the acquisition and continuing financial needs.
Notes to editors
Produced Water Absorbents, Inc (PWA) is a global technology company providing produced water treatment solutions and services to the oil and gas industry. It was founded in 2011 when venture capital funding was secured from Energy Ventures of Norway and Harris and Harris Group, Inc. from the USA.
The company's technology is a re-generable absorption and adsorption media used for the management of oilfield water and gas streams. Osorb® Media has the ability to remove free, dispersed, emulsified and soluble hydrocarbons (BTEX, WSOs, etc) from water and gas streams.
SOURCE Produced Water Absorbents (PWA)