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@Ventures Invests in Cleantech Company, H2Oil Recovery Services, Inc.
Tuesday February 20, 5:10 pm ET
WALTHAM, Mass.--(BUSINESS WIRE)--@Ventures, the venture capital business of CMGI, Inc. (Nasdaq: CMGI - News), announced today that it has made an investment in H2Oil Recovery Services, a company that solves major operational and environmental challenges for the energy industry. The $3.0 million investment from @Ventures, part of the company's $4.7 million Series B financing round, provides capital for H2Oil to expand its products and services into the natural gas industry.
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H2Oil uses a patented technology to reclaim valuable petroleum and clean water from the oil and natural gas exploration and production processes, cost effectively treating two of the industry's most common waste products - tank bottoms and produced water.
With service agreements from major oil companies, H2Oil has completed a full year of operation at its first reclamation facility in West Texas, where it is currently recovering clean water and refinery-grade petroleum from oil industry waste products. H2Oil is now working with major natural gas companies to solve the serious produced water problem associated with natural gas production.
"We are especially pleased to receive this round of funding from @Ventures with their focus and keen insight toward clean energy technologies," said Jim Schleiffarth, CEO of H2Oil. "Our company is rapidly expanding and is positioned to establish a significant new standard in the conservation of resources associated with energy production."
"H2Oil's technology has the ability to dramatically alter the way that the global energy industry approaches the problem of waste," said Matt Horton, a Principal with @Ventures. "By recovering valuable resources from the industry's waste streams, H2Oil enables its oil and gas partners to produce energy in a way that is responsible to the environment and local communities." In conjunction with the investment in H2Oil, Peter Mills, a Managing Director of @Ventures, has joined H2Oil's board of directors.
About H2Oil Recovery Services, Inc.
H2Oil, based in Midway, Utah, is a natural resource recovery company specializing in the reclamation of valuable hydrocarbons and fresh water from oil and gas exploration and production processes.
For more information, visit:
www.h2oil-inc.com.
About @Ventures
@Ventures provides venture capital to early stage and mid-stage technology companies. Formed in 1995, @Ventures has funded more than 70 software, IT, Internet, and clean energy companies. The primary focus of @Ventures' fifth fund, formed in 2004, is on investments in the cleantech sector, including alternative energy, energy storage and efficiency, and water purification technologies.
For more information, visit:
www.ventures.com.
About CMGI
CMGI, Inc. (Nasdaq: CMGI - News), through its subsidiary ModusLink, provides industry-leading global supply chain management services and solutions that help businesses market, sell and distribute their products around the world. In addition, CMGI's venture capital business, @Ventures, invests in a variety of technology ventures. For additional information, visit:
www.cmgi.com.
This release contains forward-looking statements, which address a variety of subjects including, for example, the expected achievements by H2Oil Recovery Services, Inc. All statements other than statements of historical fact, including without limitation, those with respect to H2Oil Recovery Services' goals, plans and strategies set forth herein are forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: H2Oil Recovery Services' success, and in turn, @Ventures' and CMGI's success with respect to this investment depends on H2Oil Recovery Services' ability to execute on its business strategy and the continued and increased demand for and market acceptance of its products and services; Our ability to earn returns on our investment, or even recover our capital, is dependent upon factors outside of our control, including the success of our portfolio companies' businesses, and the market for initial public offering and mergers and acquisitions. For a detailed discussion of cautionary statements that may affect CMGI's future results of operations and financial results, please refer to CMGI's filings with the Securities and Exchange Commission, including CMGI's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Forward-looking statements represent management's current expectations and are inherently uncertain. We do not undertake any obligation to update forward-looking statements made by us.