AUGUST 2008

Masdar Clean Tech Fund and Virgin Green Fund acquire Texas metal recycling business

Masdar Clean Tech Fund and Virgin Green Fund announced the buy-out of DuraTherm, Inc., a petroleum and metal recycling business based in Texas City, Texas. The transaction, structured as an asset acquisition, was supported by debt from HSH Nordbank AG.

DuraTherm provides treatment services, either at its facility in Texas City or with its mobile units at a customer’s site, for waste streams generated by petroleum and olefin-related industries. The proprietary technology produces “clean” residuals while maximizing the recovery of metal and oil values contained in the wastes.

DuraTherm addresses a variety of waste streams, including oil-contaminated drill cuttings, refinery wastes, petrochemical wastes, hydrocarbon-contaminated soils, spent catalysts, and other petroleum-compatible residuals.

The new investors are providing additional capital to support DuraTherm’s growth. DuraTherm will also invest in improving and deploying its mobile DuraTherm Desorption units, thus expanding its geographic availability to both United States and international customers.

Kevin Trant has been hired as CEO to lead the next phase of DuraTherm’s growth. Trant was previously with Siemens Water Technologies where he was executive vice president of its Services and Products Group, a division focused on five business segments targeting municipal and industrial customers.