Sorbwater Technology AS (Bergen, Norway) secures NOK 43 million in funding round led by Repsol and Investinor
Sorbwater Technology has closed a NOK 43 million (USD 5,1m) funding round to drive international expansion of its portfolio of bio-degradeable production chemicals to the international marked.
The funding round was led by Repsol Energy Ventures S.A and Investinor and supported by the existing shareholders; Sarsia Seed (Bergen), Proventure Seed (Trondheim) and SparebankenVest (Bergen).
Sorbwater Technology has developed a suite of completely bio degradable production chemicals for use in high performance water treatment applications in the oil and gas industry. The technology is also suitable for demanding high volume applications in the process, mining, petrochemical refining, shipping, pulp and paper industries.
Sorbwater’s proprietary production chemicals for oily water treatment represent the next generation of highly efficient, robust and environmentally friendly flocculants, emulsion breaker and de-emulsifiers for industries with requirements to treat high volumes of oily water down to less than 1ppm.
Sorbwater has delivered its proprietary high performance water treatment systems to customers in West-Africa, Middle East and the GoM. Sorbwater’s chemical and compact flotation solutions are particularly suited for removing all oil (< 1ppm) in produced water and slop water prior to desalination, discharge or re-injection. Re-cycling of produced water is a key component in enabling the oil industry to achieve no harmful discharges.
Svein Steen (CEO) comments: Sorbwater´s chemical solutions have the potential to replace more than 600 tones/year of non-biodegradable chemicals which are currently discharged to sea in on the Norwegian Continental Shelf. The production chemicals used over the last 20 years from produced water treatment may accumulate in the aquatic food chain and we do not know the consequence of this. Our solution is based on raw materials harvested from the sea. The chemicals will perform its job and then quickly degrade in the natural environment leaving no residuals.
Jon Berg (Chairman of the Board) Comments: The owners of Sorbwater are delighted to welcome Repsol and Investinor to the team. The existing owners have been funding the technology development, qualification and first deliveries. We very much welcome the entry of investors that has the capacity to further develop the potential of the company.
Jan Morten Ertsaas, Investment Director at Investinor comments: «We have invested in great technology and a strong team. Sorbwater’s technology can play an important role in resolving one of the world’s major challenges, access to clean water. The company has great ambitions internationally and we are looking forward to contribute to their global expansion together with the existing shareholders and Respol Energy Ventures S.A as co-investor. We believe Repsol’s industrial experience will be important for the future developing and growth of Sorbwater”.