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.'
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