Glori Energy, a Houston, TX-based developer of a sustainable oil recovery system, has raised $20m in Series C funding.
The round was led by Gentry Venture Partners, with participation from Advantage Capital Partners, 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.
The company intends to use the funds to both expand its AERO(TM) (Activated Environment for Recovery of Oil) technology service business and to acquire shut-in or low-producing mature fields for redevelopment utilizing its AERO(TM) System.
Led by CEO Stuart Page, Glori Energy has the mission to sustainably and efficiently recover barrels of oil trapped in reservoirs using existing oil wells. The company partners with oil producers to significantly increase their oil production through the deployment of its AERO(TM) System, which 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.
Glori Energy is currently hiring (http://glorienergy.com/careers/)
“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
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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 .