Investment Funds Expansion of Technology that Provides Alternative to Venting and Flaring
HOUSTON, Dec. 18, 2024 (GLOBE NEWSWIRE) -- ZENRG Services Inc., a leading provider of emission reduction services for energy industry operations, has secured Series A funding to accelerate its market expansion and product innovation. The investment, led by EIC Rose Rock, included Chevron Technology Ventures, BP Energy Partners, and existing investors.
This funding marks a pivotal milestone as ZENRG continues to expand its customer base and geographical locations across the US. ZENRG's service is designed to transfer pressurized gas and liquids to nearby tanks and pipelines, retaining the product's value instead of releasing it to the atmosphere. ZENRG has filed seven process patents that help address emission across all energy verticals including Upstream, Midstream, Downstream and Utilities. In many applications, ZENRG provides an economically positive ROI while reducing emissions.
Joe Chandler, ZENRG's CEO, stated, "This investment highlights our shared excitement as ZENRG becomes the new standard operating procedure to handle liquids and gases that have traditionally been vented or flared. Our customers benefit from "keeping it in the pipe” so they can sell the product later and deliver on emission reductions goals.”
"ZENRG's utilization of next-gen zero-emission compression systems has the potential to provide a vital suite of emerging technology services for oil and gas production, transport, and refining,” said Jim Gable, Vice President of Innovation within Chevron's Technical Center and President of Technology Ventures at Chevron. "This is the latest investment from our Fund IX, managed by the Core Venture Capital team and launched earlier this year. The fund focuses on high-growth startups and breakthrough technologies that have the potential to improve Chevron's core businesses, as well as create new opportunities for growth. We welcome ZENRG to the portfolio.”
"We are excited to partner with ZENRG to scale and deploy this world-class technology to immediately help reduce emissions across the energy industry and deliver innovation and value to our corporate investment partners. ZENRG's technology improves the ability to deliver the secure, reliable, and affordable energy that drives global economies and powers communities while minimizing environmental impact to make a lower-carbon future possible,” said David Clouse, Managing Director of the EIC Rose Rock fund.
About ZENRG Services
ZENRG is disrupting the traditional, historically acceptable methods of venting and flaring used across the entire value chain of the oil and gas industry to dispose of residual and excess gas and liquid hydrocarbons. A new era of emission standards, social expectations, and investor mandates are driving growth in operations at ZENRG as customers seek solutions to reduce emissions in a safer more environmentally friendly manner. Through patented processes, ZENRG transfers gas and liquids to nearby tanks and pipelines, retaining the product's value instead of releasing it to the atmosphere and reducing emissions. In many cases, ZENRG provides an economically positive ROI while helping customers to achieve their corporate emissions reduction goals. For more information visit www.zenrgservices.com
About EIC Rose Rock
EIC Rose Rock is a unique long-term partnership between Energy Innovation Capital (EIC), multiple Fortune 500 energy leaders and George Kaiser Family Foundation's tech-focused development arm. EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com
About Chevron Technology Ventures
Chevron Technology Ventures identifies and invests in externally developed technologies and new business solutions with the potential to enhance the way Chevron produces and delivers affordable, reliable, and ever-cleaner energy. CTV has more than 25 years of being the primary on-ramp for external innovation from startup ecosystem into Chevron. For more information, visit www.chevron.com/technology/technology-ventures
About BP Energy Partners
BP Energy Partners is a Dallas, Texas based lower-middle market private equity firm that invests alongside entrepreneurs, family-owned businesses, and companies through growth equity and buyout transactions. The firm focuses on energy and energy-intensive industries and companies that generate returns and reduce emissions. Investment themes include Value-Add Infrastructure, the Natural Gas Value Chain, Electrification, and Environmental Management. Founded in 2013 and initially sponsored by T. Boone Pickens, BPEP manages over $700 million in committed capital. To learn more, visit www.bpenergypartners.com.
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