CALGARY – BDC has provided financing to cleantech innovator Recover Energy Services Inc. to help the environmental technology company scale and commercialize its pioneering process for cleaning contaminated drilling waste.
Recover’s technology recovers and refines base oil from contaminated drilling waste, resulting in significant landfill avoidance, while providing a material reduction in carbon dioxide emissions.
The Calgary-based company will use the proceeds from this financing to complete modifications on its first commercial-scale facility in Lodgepole, Alberta, which has been in operation for over a year and has continued to show progression. During this time, Recover served numerous customers and has proven it can deliver a cost effective and environmentally sustainable alternative to landfilling methods.
BDC has also provided working capital for the company’s ambitious growth plans. Based on initial discussions with prospective partners, Recover is very excited about the numerous expansion opportunities that exist throughout North America. To facilitate this expansion, Recover plans to open an office in Houston, Texas later this year.
“We are excited to be part of Recover’s organization and to support its management team’s impressive growth plans, which are a win for both the environment and the economy,” says Cheri Corbett, director, cleantech practice at BDC.
“We are confident that Recover can execute on its growth and expansion plans. This innovative company has a management team with a proven track record of value creation in this sector, a strong board of directors and a well-aligned shareholder base.”
“Partnering with the BDC, that has a strong track record of financing and commercializing technology companies, is a significant milestone for Recover and our ambitious expansion plans. We look forward to continuing to build this relationship as we move forward,” says Stan Ross, president and CEO at Recover.