BioPetroClean (BPC), a provider of commercial grade bioremediation systems for oil contaminants, today announced that the company had closed on $3 million in Series A funding led by its sole institutional investor, New York-based 21Ventures LLC.
BPC closed the round late last week and will tap this financing to support operations, specifically sales and marketing, and to augment research and development activities.
The company also announced the installation of its technology at the Eilat Ashkelon Pipeline Co. Ltd. (EAPC), which transports crude oil from the Red Sea to the Mediterranean.
EAPC is the first commercial company to adopt BioPetroClean’s technology, developed by Prof. Eugene Rosenberg, of Tel Aviv University, who is co-founder and chief scientist at BPC. Rosenberg, together with Prof. Eliora Ron, pioneered the use of naturally occurring bacteria to clean up oil pollution in oil tankers, pipelines and on beaches in the 1970s, including the infamous Exxon Valdez oil spill off the Alaskan coast.
Published by Globes [online], Israel business news - www.globes.co.il - on December 5, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006