Siluria Technologies, a leading innovator in breakthrough process technologies, has announced another important strategic investment by a prominent international energy and industrial player. Siluria's latest financing round was led by National Petrochemical Industrial Company (NatPet), a producer of propylene and polypropylene in Saudi Arabia and a subsidiary of the Saudi joint stock company Alujain Corporation. The multifaceted partnership adds to Siluria's worldwide reach and expands a growing commercial portfolio in a massive target market.
Building on commercial deployments now under way, this financing puts the total equity capital raised since last year's investment by energy giant Saudi Aramco at over US$50 million. NatPet from Saudi Arabia joins Fine-Teck from Oman and Linde from Germany as Siluria's most recent investors. Since its inception, Siluria has raised approximately US$150 million.
"We are very pleased to have NatPet join Siluria both as an investor and as a commercial partner," said Siluria President and CEO, Ed Dineen. "The accelerating growth of our commercial portfolio is a clear validation of the strategic value of Siluria's solutions in a highly volatile energy and chemicals market."
"Our team was highly impressed with Siluria's achievements and progress," said Jamal Malaikah, the President and COO of NatPet. "We are keenly interested in working with Siluria on the commercialisation of this technology in Saudi Arabia and elsewhere."
"The investment furthers NatPet's diversification plans, and provides a window of opportunity across the world," said Marwan Nusair, President of Alujain.
Siluria intends to continue to expand on this momentum. "We are managing strong interest in Siluria from additional strategic and financial investors," said Jeff Wood, Siluria's CFO. "The company is currently focused on commercial projects in the refining and midstream industries, and a pipeline of licensing projects in petrochemicals via its global partnership with Linde."
Adapted from press release by Francesca Brindle
Read the article online at: https://www.hydrocarbonengineering.com/clean-fuels/18112015/siluria-technologies-equity-financing-expands-investor-base-natpet-1753/