DynaPump raises $12
million in growth equity financing
DFJ Element, NGP Energy Technology Partners, and Chevron Technology Ventures
bring industry knowledge, capital and financial expertise to support DynaPumps
continued growth
Northridge, CA, July 10, 2007 – DynaPump, Inc., a leading
manufacturer of surface mounted artificial lift systems for the oil and gas industry,
announced today that it has closed $12 million in Series C Convertible Preferred
equity financing from new and existing investors. DFJ Element, L.P. ("Element")
led the investment round and was joined by NGP Energy Technology Partners, L.P.
("NGP Energy Technology Partners") and return investor, CTTV Investments
LLC ("Chevron Technology Ventures"). Element, NGP Energy Technology
Partners and Chevron Technology Ventures are three of the premier energy technology
funds in the United States.
"Our investors in this round command a depth of industry experience and
network of contacts that are virtually unmatched in the energy technology sector.
DynaPump will also benefit from the financial strength and business expertise
of this group," stated DynaPump founder, Allan Rosman. "With this latest
round of investment, we will expand our manufacturing and after-sales service
capabilities which will provide our customers with further confidence in our
company, our product, and our capabilities in the field."
"The DynaPump truly is a superior product compared to conventional rod
lift systems." said David Lincoln, Managing Partner of DFJ Element. "Benefits
of the DynaPump include its low acquisition cost, light weight and ease of installation,
high reliability, low maintenance and a large reduction in energy requirements.
Most importantly though, the unit is computer controlled with automated diagnosis
of well operations and flow control; and the unique differential speed control
dramatically increases production efficiency resulting in improved cash flow
for the operator." Communications to remote locations are also included.
Philip Deutch, Managing Partner of NGP Energy Technology Partners added, "DynaPump
has introduced a more efficient and more cost effective artificial lift innovation
for a wide spectrum of pumping applications in oil & gas and coal bed methane
production. We continually look for companies with proven and compelling technologies
that can reduce operating cost in the oil and gas sectors. We believe DynaPump
is one of those companies."
As part of the transaction, David Lincoln and Philip Deutch will join DynaPump
Board of Directors.
About DynaPump, Inc.
www.dynapumpinc.com
DynaPump, Inc., manufactures surface mounted artificial lift systems for the
oil and gas industry. The DynaPump is less expensive; more energy efficient and
more reliable compared to conventional rod lift systems. Headquartered in Northridge,
California, the company is privately held and backed by major private equity
investors. For more information, send queries to info@DynaPumpinc.com
About DFJ Element
www.dfjelement.com
DFJ Element is a leading venture capital fund investing in clean technology.
Element invests in emerging companies bringing innovative solutions to environmental
and resource constraints in energy, water and other large industrial and commercial
markets. Launched in 2005 by Element Venture Partners in partnership with leading
global venture capital firm Draper Fisher Jurvetson, DFJ Element is managed by
the industry's most experienced group of dedicated clean technology investors.
The Element principals have invested more than $300 million in over 45 companies
in the clean technology sectors. For more information, send queries to info@dfjelement.com
About NGP Energy Technology Partners
www.ngpetp.com
NGP Energy Technology Partners, L.P. is a Washington, D.C.-based $148 million
private equity fund investing growth capital in companies providing technology-related
products and services to the oil and gas, power and alternative energy sectors.
The fund is managed by investment professionals with extensive experience investing
in virtually all types of energy technologies and a strong track record of helping
companies grow, create value, and establish strategic partnerships. NGP Energy
Technology Partners is an affiliate of NGP Energy Capital Management, a $4.2
billion firm based in Irving, Texas that invests in all sectors of the energy
industry. For more information, send queries to inquiries@ngpetp.com
About Chevron Technology Ventures
www.chevron.com
Chevron Technology Ventures (CTV), a division of Chevron, USA, Inc., champions
innovation, commercialization and integration of emerging technologies and related
new business models within Chevron. CTV is pursuing this goal through business
units involving biofuels, hydrogen, emerging energy and venture capital.
Chevron Corporation is one of the world's leading energy companies. With approximately
56,000 employees, Chevron subsidiaries conduct business in approximately 180
countries around the world, producing and transporting crude oil and natural
gas, and refining, marketing and distributing fuels and other energy products.
Chevron is based in San Ramon, Calif. For more information, send queries to pubaffmr@chevron.com |
