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Black Bay invests in Clean Chemistry
Iris Dorbian
Black Bay Energy Capital has made an investment in Clean Chemistry Inc, a provider of patented chemical solutions and technology for oilfield water treatment. No financial terms were disclosed. Horwood Marcus & Berk provided legal counsel to Clean Chemistry on the deal while Cooley LLP did likewise for Black Bay.
BOULDER, Colo. & ODESSA, Texas–(BUSINESS WIRE)–Clean Chemistry, Inc. ("Clean Chemistry" or the "Company"), a provider of patented chemical solutions and technology for oilfield water treatment, today announced a growth capital investment from Black Bay Energy Capital ("Black Bay").
Clean Chemistry's chemical technologies target produced water recycling and disinfection for hydraulic fracturing. The Company's flagship product, PeroxyMAX, enables rapid bacteria control and solids separation in a more efficient and safer manner than alternative options like chlorine dioxide. PeroxyMAX has a loyal existing customer base and demand is quickly accelerating.
Black Bay's investment enables Clean Chemistry to expand its client base, management team, and service offerings. The Company is experiencing rapid growth in the Permian Basin and is expanding its footprint in West Texas and New Mexico.
Damon Waters, co-founder and CEO of Clean Chemistry, said, "Our growing client base had been seeking a low cost, highly effective biocide that doesn't degrade frac iron nor pose a safety hazard. PeroxyMAX is that solution and we couple it with comprehensive performance data on real-time dashboards. The Clean Chemistry team has built a process solution that meets treatment targets while lowering costs and improving safety for the E&P community. The entire Clean Chemistry team is proud to announce this new partnership with Black Bay and is excited to further elevate the level of service we're able to provide our customers. Black Bay's oilfield experience, industry relationships, and value-added capital will enable the Company to significantly accelerate our plans and I'm thrilled to be working with them."
Wayne Buschmann, co-founder and CTO of Clean Chemistry, added "This new partnership with Black Bay positions Clean Chemistry to pursue strategic growth opportunities in response to demands from our blue-chip customer base. Our team is committed to continuous innovation and we are focused on developing next generation water management solutions for our clients' completion & production operations."
"We are very excited to partner with Damon, Wayne and the entire Clean Chemistry team," said Tom Ambrose, Partner of Black Bay. "Clean Chemistry is delivering unique, low-cost solutions for oilfield water management, one of the industry's largest pain-points. The Company's offerings enhance the safety and operational efficiency of completion and produced water re-use operations." Michael LeBourgeois, Managing Partner of Black Bay, added "Black Bay's investment in Clean Chemistry is another great example of our focus on innovative and proprietary products, services and technologies that can improve the economics and safety of oilfield operations."
Horwood Marcus & Berk served as Clean Chemistry's legal counsel. Cooley LLP served as Black Bay's counsel on the transaction.
About Clean Chemistry:
Clean Chemistry is a fast-growing, innovative upstream water treatment provider. Founded in 2012, headquartered in Colorado with field offices in Texas, Clean Chemistry developed a patented family of liquid chemistries that evolve Reactive Oxygen Species (ROS). This technology represents a significant disruption to the current inefficiencies in the production, distribution and performance of oxidation and disinfection chemistry. PeroxyMAX provides oil and gas operators a safe, economic chemistry for frac-on-the-fly and produced water re-use.
www.cleanchemi.com
About Black Bay Energy Capital:
Black Bay Energy Capital is an energy private equity firm investing in the North American oilfield service sector. Leveraging more than 60 years of industry experience, Black Bay partners with high-growth companies and experienced management teams with next-generation products, services and technology solutions that drive value and enhanced efficiency for customers in the oil & gas industry. The firm is investing out of its $224 million fund, Black Bay Energy, L.P.
www.blackbayenergy.com