TouGas Oilfield Solutions announces Investment to fund Growth Strategy
Frankfurt (Germany) – September 5th, 2013. TouGas Oilfield Solutions announced today that ENERTECH Holding, a wholly owned subsidiary of the Kuwait Investment Authority, and Conduit Ventures Limited have completed an investment into TouGas.
“I am delighted to announce the investment of such highly regarded groups into TouGas. The financial and strategic support of our investors will greatly accelerate the growth of the company” says Dr. Tore Land, CEO of TouGas Oilfield Solutions.
“We have been attracted by the unique technology position of TouGas and its focus on rapidly growing markets in the oil and gas industry. We are also pleased to work with a team with whom we have previously been successful. Many customers consider the TouGas suite of solutions an enabling platform for their future growth” says John Butt, Managing Director of Conduit Ventures.
“The TouGas technology will reduce the environmental footprint of hydraulic fracturing operations and will also deliver improved productivity. This is a very attractive value proposition for customers.” says Asad Khan, Investment Director of ENERTECH.
Capital provided through the investment will be primarily used to fund the international expansion of TouGas in strategic growth markets. Through its focus on well stimulation and enhanced oil recovery TouGas is serving the fastest growing segments in the global $ 18 bn oilfield chemicals market. TouGas will focus its investments on regions and customers with significant oil and gas reserves to further improve the productivity of their assets.
ENERTECH Holding is a wholly owned subsidiary of the Kuwait Investment Authority with a mission to initiate its own projects and participate in projects within energy, clean tech, recycling, water, waste management and renewable energy sectors. EnerTech’s mission also includes investments in private equity and venture capital companies within these sectors both regionally and internationally (www.enertech.com.kw).
Conduit Ventures Limited is a London based independent, power and energy fund manager that invests capital in high growth companies worldwide. The Conduit capital is sourced from top tier industrial groups, sovereign wealth funds and institutional investors. Conduit is focused on delivering superior returns by capturing growth opportunities cross-border through knowledge, market and technology bridging (www.conduit-ventures.com).
TouGas Oilfield Solutions GmbH was created through a spin-off from Allessa GmbH, a privately held specialty chemicals company. TouGas develops and commercializes proprietary products and related services for well stimulation, hydraulic fracturing and enhanced oil recovery. TouGas is headquartered in Frankfurt-Fechenheim (Germany) and serves an international customer base in the oil and gas industry (www.tougas-oil.com).