BP Ventures has completed an investment in Saltworks Technologies, a specialist water treatment company based in Vancouver, Canada, as part of its ongoing commitment to developing and supporting leading-edge technologies.
Saltworks’ product line offers a number of technology solutions that help address and manage global water scarcity issues, either by using saline water sources instead of freshwater sources, or by recycling wastewater, including produced waters. The technologies are applicable to the long-term goals of the oil & gas industry.
Specifically, Saltworks develops new desalination processes that lower the cost and energy of making freshwater from saline water sources. Saltworks focuses on challenging water sources found in industrial settings such as shale gas, oil sands, and mining.
BP’s investment in Saltworks follows investments made by other leading resource companies, including Cenovus Energy, ConocoPhillips, and Teck Resources. The investment also comes after successful bench and pilot-scale tests between BP and Saltworks.
Saltworks’ CEO, Benjamin Sparrow, notes, “BP’s investment will immediately go to work as we construct our new manufacturing facility and further grow our field operations team. After successful product uptake in Australia, California, Texas, and Pennsylvania, we are extremely pleased to welcome BP to our shareholder base. BP’s investment will increase our scale and our reach.”
About BP Ventures
BP Ventures invests in technology companies working at the frontiers of their fields – across the entire energy spectrum. Investments span the BP Group, focusing on emerging, strategic technologies for oil and gas exploration and production, and downstream technologies including fuels and chemicals, biotech and bioenergy. Today, BP Ventures manages over 30 investments with committed capital of over $200M.
Saltworks Technologies is a leader in the development and delivery of solutions for industrial wastewater treatment and lithium refining. By working with customers to understand their unique challenges and focusing on continuous innovation, Saltworks’ solutions provide best-in-class performance and reliability. From its headquarters in Richmond, BC, Canada, Saltworks’ team designs, builds, and operates full-scale plants, and offers comprehensive onsite and offsite testing services with its fleet of mobile pilots.
Water plays a critical role in ESG performance for many companies. With growing concerns around pollution ands consumption of water and energy, investing in responsible water management technology can improve your ESG profile and reduce operational risks.
The many options for managing brine, a term for saline wastewater from industrial processes, fall under two categories: brine treatment and brine disposal. Brine treatment involves desalinating the brine for reuse and producing a concentrated brine (lower liquid waste volume), or residual solids (zero liquid discharge).
We treat oil & gas produced waters to reduce waste volumes and disposal costs, minimize chemical usage, and recover more hydrocarbons.
Saltworks Technologies announced that they have received CDN$2.5 million in funding from Cenovus Energy Inc. (“Cenovus”, TSX, NYSE: CVE) through its Environmental Opportunity Fund. The fund assists companies to develop technologies that focus on water and energy efficiencies such as Saltworks’ breakthrough desalination process.