TSP Ventures are very excited to be a part of the latest funding round into Envorem, led by the Oxford Innovation EIS Growth Fund.
Envorem has developed an innovative technology to process waste oil sludges using high-energy water cavitation. Their process is cheaper, faster and more energy efficient than existing thermal and bio-treatment methods.
Whilst some waste is treated, the vast majority of legacy oil sludges, estimated to be over 1 billion tonnes globally, have been dumped into the surrounding environment, damaging habitats and killing wildlife. Over time these sludges will also release the embedded carbon into the atmosphere.
Envorem recently completed a highly successful pilot with the Oman National Oil Company treating sludge and oil-contaminated soil. Envorem’s technology treated a high volume of waste cheaper, faster and with a far smaller carbon footprint than alternative methods. The process also recovered 99%+ of useable crude oil from the waste.
Mike Doswell, Co-Founder at TSP Ventures said “We are delighted to be a part of Envorem’s onward journey and looking forward to working with founders Mark and Mike as they roll-out the technology and clean up the world’s oil waste. At TSP, we firmly believe that if Capitalism caused many of the world’s environmental issues, it can also be used to cure them. By allowing oil companies to recover useable crude from these sludges, Envorem are incentivising and therefore accelerating the clean-up operation. Unfortunately we will all be using oil for some years to come and every barrel recovered from surface sludges will be a barrel that doesn’t need to be mined out of the ground.”
Mark Batt-Rawden, Managing Director of Envorem Limited commented, “We are delighted to have gained the support of the Oxford Innovation EIS Growth Fund, TSP Ventures and other notable investors, who bring a wealth of experience to our venture. The funds invested will accelerate Envorem’s growth and the positive environmental impact our technology delivers.”
For more information about Envorem, visit www.envorem.com