Recover Energy Services, a Calgary-based environmental technology company focused on cleaning oil drilling waste, has secured undisclosed financing. The investors are Canadian energy private equity firm Azimuth Capital Management and BDC’s cleantech practice.
CALGARY, AB, June 17, 2020 /PRNewswire/ – Recover Energy Services Inc. (“Recover”) is pleased to announce that it has closed a private placement financing with Azimuth Capital Management and BDC’s Cleantech Practice, to help the environmental clean technology company pursue US expansion of its commercial technology.
Recover’s technology recovers and refines base oil and diesel from contaminated drilling waste, resulting in significant landfill avoidance, while providing a material reduction in GHG emissions. Over the past two years, Recover has proven its technology can generate energy from waste while delivering a cost effective and environmentally sustainable alternative to landfilling methods.
The Calgary-based company will use the proceeds from this financing to help launch the company’s ambitious US growth plans. Based on initial discussions with prospective partners, Recover is very excited about the numerous expansion opportunities that exist throughout the US. To facilitate this expansion, Recover will be launching a US subsidiary and plans to open an office in Houston, Texas later this year.
“Recover has reached a turning point in its growth plans; we’re proud to support a strong management team that has brought value to the clean technology sector and to help them expand through the US,” says Cheri Corbett, Director, Cleantech Practice at BDC.
“Launching our US expansion is a significant milestone for Recover and having the right financial partners to help commercialize our technology is critical to our success. We look forward to continuing to build these relationship as we move forward,” says Stan Ross, President and CEO at Recover.
About Recover Energy Services
Recover is an environmental cleantech company with a proprietary method of treating oil-based drilling waste. Presently, Recover provides an industry leading customer focused waste management solution to upstream oil and natural gas companies operating near Lodgepole, Alberta and has plans to expand its business throughout North America. To find out more, visit https://www.recover-energy.com/.
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