HOUSTON, July 5, 2016 /PRNewswire/ -- Zahroof Valves Inc. (ZVI), today announced it has secured Series C funding led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing arm of Saudi Aramco, the world's leading integrated energy enterprise. Existing investor NGP Energy Technology Partners (NGP ETP) also participated in the financing. The new round of investment lays the groundwork for the next phase in Zahroof Valves' growth and global expansion.
"We are honored that Saudi Aramco Energy Ventures has decided to make an investment in ZVI and are pleased that NGP Energy Technology Partners continues to support our vision in the reciprocating compressor valve market," said Tony Gioffredi, Chief Executive Officer of ZVI. "The addition of Saudi Aramco Energy Ventures as a partner is significant, as they are recognized as a value-based strategic partner who invests in companies with strategic importance to its parent Saudi Aramco and other global energy companies."
"Since our company's inception, the ZVI Straightflo Valve has been successfully utilized in a number of applications in the oil and gas industry," said Zahroof Mohamed, President and Chief Technology Officer at ZVI. "The Straightflo Valve's patented technology delivers a step change in reciprocating compressor performance, serviceability and reliability while reducing greenhouse gas emissions to the environment"
"The ZVI Straightflo valve represents a step-change in both reliability and performance for reciprocating compressor valves. ZVI has a seasoned team and a list of marquee customers indicative of its prospects for widespread adoption," said Daniel Carter, Investment Director at SAEV. Established in 2010, ZVI focuses on improving the performance of reciprocating compressors through its game-changing compressor valve. The ZVI Straightflo Valve, developed by Zahroof Mohamed, is a revolutionary design that is a direct "drop-in" replacement for all manufacturers' compressor valves and can be operated in most compression applications. These include natural gas gathering, production, transmission and storage; CNG; FPSO; CO2 Enhanced Oil Recovery; H2 and others.
Based on actual performance data, this innovative design has enabled ZVI to offer a best in industry guarantee on valves offered to its customers. These valves are sold directly to OEMs and end-users in North America and through distributors in key global markets. In addition to its industry-leading 10-year warranty, the ZVI Straightflo Valve has been shown to improve valve efficiency by up to 40% and significantly extend run time between valve service intervals by more than a factor of 5X.
The ZVI Straightflo Valve has been making waves in the energy industry and garnering recognition in the business community. Zahroof Valves Inc. was recently named the Bronze recipient of the 2016 Edison Award in the category "Carbon Reduction". The company was also named a finalist in the 2015 Platt's Global Energy Awards in the category "Rising Star – Company"; IHS CERA Week's 2015 "Energy Innovation Pioneer Showcase Company" and Pipeline Industry Guild's 2013 winner of the Land-based Pipeline Technology award.
"We are excited about our continued partnership with Zahroof Valves Inc.," said Phil Deutch, Managing Partner of NGP Energy Technology Partners. "Combining the innovative technology of ZVI with the resources and network of the NGP ETP and SAEV platforms, will allow ZVI to continue its rapid growth as it continues to bring compelling solutions to the oil and gas industry."
About Zahroof Valves, Inc.
Zahroof Valves, Inc. (ZVI) is an innovative company, headquartered in Houston, Texas, that has developed and markets the revolutionary Straightflo (SF) Valve for use in reciprocating gas compressors. The SF Valve delivers a step change in valve performance, serviceability and reliability. As a result of these proven and measured improvements ZVI is able to guarantee a 10% improvement in valve efficiency and a 50% increase in service intervals with a 10-year warranty on the valve housing.
For more information, visit www.zahroofvalves.com.
About Saudi Aramco Energy Ventures
Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of the Saudi Arabian Oil Company (Saudi Aramco), the world's leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America and Europe, SAEV's mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Saudi Aramco.
For more information about SAEV, please visit www.aramcoventures.com
About NGP Energy Technology Partners
NGP Energy Technology Partners ("NGP ETP") is a private equity firm headquartered in Washington, DC that invests in companies that provide products and services to the oil and gas, power, environmental, energy efficiency and alternative energy sectors. Founded in 2005, NGP ETP manages approximately $500 million in committed capital and is led by professionals that have extensive experience investing across the energy industry. NGP ETP partners with experienced management teams executing on compelling strategic plans and works with them to drive significant value creation.
For more information about NGP ETP, please visit www.ngpetp.com
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SOURCE Zahroof Valves Inc.