Veretek receives growth capital for V-Pump
Veretek 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.