BOULDER – Clean Chemistry Inc. has raised a $2.2 million series A round of funding to ramp up sales and marketing of its proprietary water treatment system for produced water and fracking water at oil and gas drilling sites.
Houston-based Mercury Fund led the round.
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Chief executive Damon Waters said the four-person company based in Boulder is looking to add four more employees by the end of the year and likely more after that. The company doesn’t disclose revenue but so far has customers in Texas and Pennsylvania.
Waters founded Clean Chemistry in 2012 with chief technology officer Wayne Buschmann, who developed the core chemistry behind the company’s PeroxyMax solution.
Produced water is a briny liquid brought to the surface while wells are in production. It can include water trapped in the underground formations or water injected into the formation.
Clean Chemistry’s system can treat that water onsite to a quality that can be used in hydraulic fracturing, extending the life cycle of water at well sites. So rather than buying fresh water, trucking it to a well site to use for fracking, then trucking the produced water away and paying for disposal, the produced water can be utilized for fracking at another nearby well.
“You get rid of a lot of that (cost) by treating the water onsite and fracking another well with that,” Waters said.