February 16, 2023 1:00 PM Mountain Standard Time
BUTTE, Mont. – BioSqueeze Inc., the world leader in commercial biomineralization, has raised $7.4 million in financing to accelerate its growth in sealing methane leaks in oil and gas wells across North America. Led by Valo Ventures, a leading investor in climate solutions, the round also includes participation from Zero Infinity Partners, Riverstone LLC, and Next Frontier Capital.
BioSqueeze’s innovative biomineralization technology was developed in conjunction with the Department of Energy over a 10-year period to provide the oil and gas industry with the most effective solution for sealing annular leaks in wells to eliminate fugitive emissions. Traditional remediation technologies like cements and resins are often ineffective at eliminating sustained casing pressure due to their high viscosity, difficulty bonding to casing and existing cement, and being gas cut. BioSqueeze boasts an industry leading success rate of +90 percent, with over 100 wells sealed since 2019. The company’s revolutionary technology utilizes natural soil bacteria delivered via low-viscosity, self-diverting fluids to form calcium carbonate (limestone), steadily reducing permeability to create a permanent, gas-tight seal. The result is the most effective solution for eliminating sustained casing pressure. A technology that cannot be gas cut, seals leaks as small as 1 micron wide, continuously self-diverts to ensure all channels are sealed, and forms a permanent caprock barrier stronger than cement.
The new investment will power BioSqueeze’s ability to lead the industry’s methane reduction initiatives and address the increasing demand for the company’s natural biomineralization technology. The company will accelerate its growth across North America by bolstering its fleet of mobile leak sealing vehicles, implementing real-time, remote operations from its headquarters in Butte, and developing new products in the realm of rigless deployment, enhanced oil recovery, soil stabilization, and infrastructure repair. Of particular focus is rapidly expanding operations to serve BioSqueeze’s partners throughout the United States, Canada, and the Gulf of Mexico. In addition to working with oil and gas operators, BioSqueeze Inc. will devote a portion of its new capacity to assisting state and federal efforts to plug and abandon more than 120,000 documented orphan wells with estimated yearly methane emissions equivalent to 1.3 million metric tons of CO2.
“Our technology provides the oil and gas industry with a desperately needed tool critical to reducing methane emissions,” said Mark Ranalli, President & CEO of BioSqueeze “As recent events have highlighted, clean and reliable energy is critical to society and the environment. With the industry continuing to raise the bar identifying and remediating sources of fugitive emissions our natural technology ensures leaks are sealed efficiently and cost-effectively to maximize the impact of funding. ”
As the $4.6 trillion oil and gas industry rapidly moves to reduce its carbon footprint, methane monitoring and detection has grown at a staggering pace to identify and assess the severity of leaks, but remediation solutions have been few and far between. In the wake of increasing public and regulatory pressure to slash methane emissions due to its potency as a greenhouse gas (over 84 times the warming potential of CO2 over a 20 year period), BioSqueeze provides immediate and impactful emissions reduction. Reducing emissions, increasing efficiency, and decreasing risk for energy producers far and wide, from multi-billion-dollar global supermajors to regional cornerstones serving clients throughout the U.S. and Canada.
“We are excited about BioSqueeze’s role in helping the oil and gas industry reduce its carbon footprint,” said Subodh Gupta, partner at Valo Ventures. “BioSqueeze’s technology arms the oil and gas industry with a highly effective tool for eliminating methane emissions, allowing leaks to be sealed at a lower cost and delivering gains in efficiency that stretch the impact of funding. This union of impact and economics is a focal point at Valo Ventures and we are thrilled to partner with the talented team at BioSqueeze as they apply their revolutionary biomineralization technology to reducing the environmental impact of vital energy production.”
BioSqueeze’s novel biomineralization technology provides the most effective solution for eliminating methane leaks in oil and gas wells, saving time and money otherwise spent on unsuccessful remediation attempts. BioSqueeze is the world leader in commercial biomineralization, utilizing natural soil bacteria delivered via low-viscosity, self diverting fluids to form calcium carbonate (limestone), steadily reducing permeability to create a permanent, gas-tight seal. Biomineralization is effective, environmentally friendly, and has a host of applications including leak sealing, enhanced oil recovery, soil stabilization, and infrastructure repair.
For more information, visit www.biosqueeze.com or contact info@biosqueeze.com.
Valo Ventures is a thesis-driven venture capital firm investing in North America and Europe. Our mission is "investing for a brighter future" and we do this by focusing on three catalyzing megatrends: climate change, circular economy, and empowered people. We identify and support entrepreneurs who are applying technologies to create long term economic, environmental and social value.
For more information, visit valoventures.org.