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VERETEK ANNOUNCES SIGNIFICANT GROWTH CAPITAL INVESTMENT FROM SAUDI ARAMCO ENERGY VENTURES AND PELICAN ENERGY PARTNERS

By March 8, 2018 July 23rd, 2020 No Comments

HOUSTON, TX – March 8, 2018 – Veretek is pleased to announce that it has received a significant growth capital investment to support the continued technological and commercial advancements of its revolutionary V-Pump™ technology used in the artificial lift and production sector of the oil & gas industry. The capital investment was contributed by Saudi Aramco Energy Ventures, the corporate venturing subsidiary of Saudi Arabia’s national oil company, and Pelican Energy Partners, a Houston-based private equity fund specializing in strategic investments in high-growth potential energy service and equipment companies with sustained earnings outlooks.

“The vast majority of the artificial lift solutions available in the market today were not designed to pump the high sand concentrations and gas slugs common in today’s oil wells. The centrifugal style conventional electric submersible pump (ESP) largely hasn’t changed in more than a century and, therefore, cannot meet the multiphase needs of these wells. The V-Pump’s patented pump design is a true multiphase pump (MSP), which has been stress tested and commercially proven to handle significantly more sand, gas and heavy oil than conventional ESPs. By addressing this critical problem and simultaneously increasing a pump’s operating range, the V-Pump reduces the operator’s total cost of production by reducing shut downs, increasing pump efficiency and extending runtimes,” said Greg Hottle, CEO of Veretek.