Refinancing deal fuels energy firm's future growth
Aberdeen-based energy company, Energy Environmental Group, is set for future growth and investment following the completion of a refinancing deal with Santander Corporate Banking.
Energy Environmental was formed in 2003 by Bob Rooney and Peter Scholes, both veterans of the oil and gas industry with over 57 combined years of experience in the sector. It currently employs more than 80 people.
The company supplies environmental products to the oil and gas industry, and also specialises in developing and exploiting new technologies within the broader energy sector. It developed and manufactures the innovative Rotawave technology, which uses microwave technology to convert organic matter into an alternative low carbon fuel known as biocoal for power stations.
Its operational company, Rotawave Biocoal Limited, recently signed a multi-million pound licensing deal to start manufacturing this technology in America and hopes to sign similar deals across Europe, Asia, Australia and South America.
Energy Environmental also supplies oil spill response equipment, used to help contain and recover oil following a spillage, through its subsidiary Vikoma International. Vikoma's products have been vital to the clean-up operations of major oil spills including the spill in the Gulf of Mexico in 2010.
Bob Rooney, Chairman of Energy Environmental, said: "This new refinancing deal from Santander sets us on a firm footing as we gear up for future growth. We are excited by what the future holds for our Rotawave technology and having a banking partner who understands our business and our needs is vital to us as we prepare for the growth of our subsidiaries in Europe. We believe Santander is the right partner for us for this venture and to facilitate the groups' future growth aspirations."
Cameron McNair, Relationship Director at Santander Corporate Banking's Edinburgh business centre, said: "We are really pleased to be working with Energy Environmental. Their strong management team and innovative technology stands them in good stead to take advantage of the rapidly developing energy sector. We look forward to embarking on this exciting journey with them."
Energy Environmental Group is also the parent company of Screw Conveyor. Vikoma was originally established in 1967 by BP as a research project following Europe's first oil spill, the Torrey Canyon. It now supplies equipment to more than 120 countries worldwide.