Investment Funds Sink Money in Oil-Waste Sector

By GreenBiz Staff
Published July 9, 2008

Energy & Climate

Clean Tech

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SAN FRANCISCO, Calif. -- The Virgin Green Fund added to its portfolio of environmentally focused businesses with the buy-out of an oil and metal recycling company in Texas.

The fund, along with Masdar Clean Tech Fund, acquired the assets of DuraTherm Inc. in Texas City, Texas, for an undisclosed price. Each will have an equal share. DuraTherm reclaims and recycles metal and oil from a variety of waste streams for municipal and industrial clients.

"We believe the company is well-positioned to capture a greater share of the petroleum waste being generated by the petroleum and petrochemical industries and to continue to provide world-class services to its customers on a global basis," Evan Lovell, Virgin Green Fund partner, said in a statement. "One of our core initiatives has been to seek investment in companies providing clean and environmentally friendly services to the traditional oil and gas area."

Lovell called the development one of the few leveraged buyouts in the sector. The funds brought in Kevin Trant of Siemens Water Technologies as CEO to lead the next stage of the company's growth.

The investment means the company will be able to increase its stable of mobile DuraTherm Desorption units, which can be deployed around the world. The technology is suitable for several waste streams, such as oil-contaminated drill cuttings, refinery wastes, spent catalysts and hydro-carbon contaminated soils.

Abu Dhabi Future Energy Co., Consensus Business Group, Credit Suisse and Siemens are backers of the $250 million Masdar Clean Tech Fund.

The Virgin Green Fund's portfolio includes seven companies in the biofuels, solar, energy efficiency, energy storage, water management and transportation industries with plans to expand into other areas, such as waste management, emissions reduction and fuel cells, among other areas.

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