HOUSTON--(BUSINESS WIRE)--Glori Energy, a leader in sustainable, enhanced oil recovery and provider of the AEROTM (Activated Environment for Recovery of Oil) System, today announced the closing of a $20 million issue of its Series C Convertible Preferred Stock. Gentry Venture Partners, a Chicago-based venture firm that leads or co-invests with some of the world's premiere venture capital groups, led the $20 million investment. In addition to Gentry, new investor Advantage Capital Partners joined existing investors Energy Technology Ventures (a GE, NRG Energy and ConocoPhillips joint venture), GTI Ventures, Kleiner Perkins Caufield & Byers (KPCB), Oxford Bioscience Partners, Malaysian Life Sciences Capital Fund, and The Omzest Group in completing the funding round. Piper Jaffray acted as placement agent.
Glori will use the proceeds to both expand its AEROTM technology service business and to acquire shut-in or low-producing mature fields for redevelopment utilizing its AEROTM System. Proven results in these shut-in fields will lead to increased product revenue, market value, and overall customer adoption of Glori’s System.
“We are thrilled to have closed an important funding round with this exceptional group of investors,” said Stuart Page, CEO of Glori Energy. “Glori is looking forward to expanding our service business and acquiring new fields to deploy the AERO System.”
“Glori has shown great promise in its previous field implementation projects,” said Larry Aschebrook, Managing Partner at Gentry Ventures Partners. “GVP is looking forward to seeing Glori expand its service business and acquire new fields to deploy its AERO System technology.”
About Glori Energy
Glori Energy’s mission is to sustainably and efficiently recover billions of barrels of oil trapped in reservoirs using existing oil wells. Glori partners with oil producers to significantly increase their oil production through the deployment of its AEROTM (Activated Environment for Recovery of Oil) System. The system makes use of existing non-potable water sources, optimizing the water quality to activate and sustain the indigenous reservoir microbial life with the desired metabolic activities. The AERO™ System provides a new, viable option to recover previously trapped oil with minimal new footprint or investment. For more information visit: www.GloriEnergy.com.
About Gentry Ventures Partners
Gentry Venture Partners is a specialized venture firm that leads or co-invests with some of the world's premiere venture capital groups in mid and late-stage financing for pre-IPO companies. GVP is active in a broad spectrum of investment sectors with a primary focus on biotech, cleantech, energy and information technology. Since its inception in 2006, Gentry Venture Distinguished by the extensive business experience of their partners, and their strong network of syndicate groups, Gentry Venture Partners provides broad services to its portfolio companies. For more information visit: www.GentryFinancialCorporation.com.