Salamander Solutions, a Houston, TX-based developer of advanced heater technology for the oil and gas industry, raised $7m in Series A funding.
The capitalization was led by the Eden Rock Group. Backers included MCAAA Holding, Shell Ventures LLC, Frontive Holding Limited.
Incorporated in March 2017 as a spinout from Shell and led by CEO Ben van den Brule, Salamander Solutions provides heater systems for the oil and gas sector. In addition to raising the working capital in the Series A round, the company also acquired the rights to the technical information and the relevant patents from Shell. To ensure ownership of the solution, Salamander also fully acquired MCAAA Ltd, a cable manufacturing facility in the UK.
Typical applications of the heaters also include enhancement of steam operations (SAGD, CSS) and prevention of plugging of wells that produce high levels of wax.
FinSMEs
04/07/2018