Monday, July 7, 2008
DuraTherm Acquired By Cleantech Funds
Texas City-based DuraTherm, a provider of petroleum and metal recycling, has been acquired by two clean technology venture capital firms, those firms said today. Masdar Clean Tech Fund and Virgin Green Fund said they have acquired DuraTherm, but did not disclose financial details of the acquisition. The deal was an asset acquistion and included debt form HSH Nordband AG. DuraTherm is a provider of treatment services for waste streams generated by petroleum and other olefin-related industries, including oil-contaminated drill cuttings, refinery wastes, petrochemical wastes, hydrocarbon- contaminated soils, spent catalysts, and other petroleum-compatible residuals. Masdar and Virgin Green said they will be providing additional capital to support growth at DuraTherm. Masdar Clean Tech Fund is a $250M investment vehicle backed by the country of Abu Dhabi; Virgin Green Fund is the clean technology fund of Richard Branson's Virgin Group.