BUTTE, Montana, February 22, 2023, The pioneer in commercial biomineralization, BioSqueeze Inc., has raised USD 7.4 million in funding to expand its business of plugging methane leaks in oil and gas wells throughout North America. Leading climate technology investor Valo Ventures is heading the investment, including Zero Infinity Partners, Riverstone LLC, and Next Frontier Capital.
The Department of Energy and BioSqueeze collaborated on developing cutting-edge biomineralization technology over ten years to offer the oil and gas sector the best method for removing fugitive pollutants from oil and gas wells. Due to their high viscosity, inability to attach to existing cement and casing, gas-cut nature, and failure to remove prolonged casing pressure, traditional remediation treatments like cement and resins are frequently useless. With more than 100 wells sealed since 2019, BioSqueeze has an industry-leading success rate of +90%. With low-viscosity, self-diverting fluids given by the company’s cutting-edge technology, calcium carbonate (limestone) is formed, gradually lowering permeability to produce a long-lasting, gas-tight seal.
The additional investment will help BioSqueeze meet the rising demand for its natural biomineralization technology and enable the business to spearhead industry initiatives to reduce methane. By expanding its fleet of mobile leak-sealing vehicles, implementing real-time, remote operations from its headquarters in Butte, and creating new products for rigless deployment, enhanced oil recovery, soil stabilization, and infrastructure repair, the company will hasten its growth across North America. Rapidly growing operations to support BioSqueeze’s partners in the United States, Canada, and the Gulf of Mexico are a particular priority.
Mark Ranalli, President & CEO of BioSqueeze, stated that “our technology provides the oil and gas sector with a critically important tool crucial to lowering methane emissions.” “Clean and reliable energy is essential for society and the environment, as recent events have shown. Our natural technology guarantees leaks are sealed rapidly and affordably to optimize the impact of financing as the industry continues to increase the standard for finding and remediating sources of fugitive emissions.”
According to Subodh Gupta, partner of Valo Ventures, “We are enthused about BioSqueeze’s role in helping the oil and gas industry minimize its carbon footprint today.” “The oil and gas sector now has a very efficient instrument to stop methane emissions thanks to BioSqueeze’s technology. Leaks may be sealed for less money, and efficiency benefits increase the impact of financing. Valo Ventures is focused on this intersection of impact and economics. We are excited to work with the excellent team at BioSqueeze as they use their cutting-edge biomineralization technology to lessen the environmental effect of essential energy generation.”
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