Glori Energy Raises $20 Million

Tuesday, January 24, 2012      
 
  • Glori Energy 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.

'GVP is looking forward to seeing Glori expand its service business and acquire new fields to deploy its AERO System technology.'
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.'


 

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Article Tags

Glori Energy ConocoPhillips United States North America Finance


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


Related News


Upcoming OilVoice Training Course

Geomatics for Hydrocarbon Exploration and Production
This module is designed for people interested in the exploration and production of oil and gas who do not have a Geomatics background, specifically in GIS and remote sensing. It provides an introduction to GIS and remote sensing for geoscientists and non-geoscientists, though geoscientists already w...
London - 27 Oct


Trainer
Mike Phillips

Cost
£500

Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all


Latest Opinion View all

Join 90,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

Time for a change? All jobs Jobs near you

OilVoice Training All upcoming


About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us