Colver Technologies announces that it has secured a new, 2 year revolving credit facility with its private financial backers.
Online PR News – 22-November-2015 – Liaoning, China – Liaoning, China-based small scale gas-to-liquids solutions provider, Colver Technologies announced today that it has secured access to a new, 2-year revolving credit facility with its financial backers that will provide up to $50 million in borrowing power.
The new credit line has been granted following overtures made to its venture capitalist backers in response to significant progress made in late-stage talks with an unnamed major oil company aimed at deploying the company’s modular GTL reactors at more than 30 offshore drilling platforms around the world.
“This is a major development for us,” said Gus Stuyvesant, COO at Colver Technologies. “Securing access to this kind of liquidity enables us to approach larger contracts with much greater confidence while also providing us with the ability to beef up our support operations for existing customers.”
The facility will see the company’s venture capital backers take significantly larger stakes in its issued share capital. As a condition for the new facility, a senior executive with the venture capital firm will take a seat on the Colver Technologies’ board in a non-executive capacity but with overall responsibility for oversight of capital expenditure.
“We will shortly be making an announcement which will confirm the new addition to the Colver Technologies board of directors,” explained Stuyvesant. “He brings a great deal of experience and knowledge to the table and, frankly, we consider his appointment to be a bonus for our company.”
Colver Technologies says it hopes to make a formal announcement providing details of a contract between itself and the oil major within the next few weeks.
About Colver Technologies
Colver Technologies’ modular GTL systems revolve around the Fischer-Tropsch reactor, a conversion technology developed in the 1920s by Franz Fischer and Hans Tropsche in Germany in 1925. It facilitates the production of significantly cleaner-burning liquid fuels like diesel and jet fuel from natural gas that contains no sulfur. We are committed to doing our part to drive uptake of GTL fuels as global efforts to reduce emissions increase and have invested heavily to ensure the continuing development of this highly attractive alternative to conventional energy production.