BP Ventures, the technology investment arm of U.K. energy business BP Group, has invested in Saltworks Technologies Inc. The deal, the value of which was not disclosed, follows an investment in May made by ConocoPhillips Co. Based in Vancouver, Saltworks has developed desalination systems for demanding applications which require freshwater from highly impaired saline water sources. It said the investment from BP, which has partnered with the company in test projects, will allow it to continue its technology development. Saltworks is also backed by the venture capital program of Cenovus Energy Inc and by Teck Resources Ltd.
BP Invests in Desalination Innovator: Saltworks Technologies Inc.
VANCOUVER, Dec. 16, 2014 /CNW/ – BP Ventures has completed an investment in Saltworks Technologies, a specialist water treatment company based in Vancouver, Canada, as part of its ongoing commitment to developing and supporting leading-edge technologies.
Saltworks’ product line offers a number of technology solutions that help address and manage global water scarcity issues, either by using saline water sources instead of freshwater sources, or by recycling waste water, including produced waters. The technologies are applicable to the long-term goals of the oil & gas industry.
Specifically, Saltworks develops new desalination processes that lower the cost and energy of making freshwater from saline water sources. Saltworks focuses on challenging water sources found in industrial settings such as shale gas, oil sands, and mining.
BP’s investment in Saltworks follows investments made by other leading resource companies, including Cenovus Energy, ConocoPhillips, and Teck Resources. The investment also comes after successful test projects between BP and Saltworks.
Saltworks’ CEO, Benjamin Sparrow, notes “BP’s investment will immediately go to work as we construct our new manufacturing facility and further grow our field operations team. After successful product uptake in Australia, California, Texas, and Pennsylvania, we are extremely pleased to welcome BP to our shareholder base. BP’s investment will increase our scale and our reach.”
About BP Ventures
BP Ventures invests in technology companies working at the frontiers of their fields – across the entire energy spectrum. Investments span the BP Group, focusing on emerging, strategic technologies for oil and gas exploration and production, and downstream technologies including fuels and chemicals, biotech and bioenergy. Today, BP Ventures manages over 30 investments with committed capital of over $200M.
About Saltworks Technologies Inc.
Saltworks Technologies is an advanced water treatment solutions provider. Saltworks has developed cost effective and robust desalination systems for the world’s most demanding applications which require freshwater from highly impaired saline water sources.
SOURCE Saltworks Technologies Inc.
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