With water a crucial element in the production processes of clean energy producers, Ecosphere Technologies Inc. is providing solutions to enterprises’ desires to treat and recycle water. Headquartered in Stuart, Florida, and trading on the NASDAQ, Ecosphere is a diversified water engineering and services company mainly focusing on the natural gas industry. Their corporate mission is to enable clean energy producers to gain greater control over their water resources, quality, and completion costs by providing effective mobile water recycling solutions.
Ecosphere Technologies provides water recycling services at the well site to provide clean water for energy companies to extract natural gas from unconventional shale plays. The company offers their expertise in water technologies to the natural gas industry so that energy companies can treat and recycle water used in gas well drilling and completions. They have a large portfolio of patented clean technologies that they sell and license for use in large-scale and sustainable applications. They supply these for industry, governments, and ecosystems.
Ecosphere has their Ecosphere Ozonix™ process. This is a water recovery and recycling process to help energy companies recycle water resources. Ecosphere’s customers can improve their use of water assets to support multi-stage fracturing, well completion efficiencies, and improved water conservation. The Ecosphere Ozonix™ mobile water recycling system processes high volumes of flow-back water required for multi-well completions at the same well site. This process provides clean water and clean brine water.
Ecosphere recently signed a water recycling agreement with a major producing company in the Woodford and Arkoma trends of Oklahoma. The agreement is for a 90-day water recycling pilot program. Together, Ecosphere and the operator will introduce the Ecosphere Ozonix process to conserve and recycle vital water resources used in the producing company’s exploration of natural gas.
The company also announced at the end of July that they have signed a definitive purchase agreement with Bledsoe Capital Group, LLC, to become a partner in the commercialization of Ecosphere’s Ecos LifeLink and Ecos Power Cube technologies. Ecosphere formed a new subsidiary, named Ecosphere Renewable Energy Corp, in which BCG will purchase a 49-percent ownership for $1,715,000. October 30, 2008 is the date set for closing of this deal between the two enterprises.
The Ecos Lifelink can bring life-sustaining services of clean water, electricity, and information access to people in need. It operates by renewable energy, and as a ‘micro utility’ suitable for off-grid locations, LifeLink is a fully portable system that can filter water to clean drinking water standards. It can also generate 10 kilowatts of electricity from solar panels and 30 kilowatts from a wind turbine. In addition, it can simultaneously connect thousands of people with wireless Internet access.
The company also announced yesterday that they have signed a Letter of Intent to enter into an Eco-Alliance Water Recycling Pilot Program with Tulsa, Oklahoma-based Williams. The Letter of Intent calls for Ecosphere Technologies to provide their mobile water recycling services to Williams at select well sites in the Barnett Shale. Dennis McGuire, President of Ecosphere, stated, “We are very honored that Williams has chosen to work with Ecosphere to help preserve, protect and enhance vital water resources and the quality of the environment in the Barnett Shale.”
Ecosphere Technologies, Inc. continues to play in water to give value to their customers and shareholders alike. The company recently announced the appointment of Patrick Haskell, by the Board of Directors, to serve as Chairman and Co-Chief Executive Officer. Mr. Haskell is a former Managing Director with HSBC and Credit Suisse. Mr. Haskell will share the Chief Executive Officer role with current President and Chief Executive Officer, Dennis McGuire. Their joint responsibility is to move Ecosphere forward for greater growth and profits.
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