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United States : ATRP SOLUTIONS raises $3.55 million

June 6, 2014

The Harmar-based specialty polymer firm, ATRP Solutions has raised $3.55 million aiming at tapping the opportunities in the energy sector. The lead investor was Birchmere Ventures, Strip District-based venture capital firm.

According to Patrick McCarthy, CEO and co-founder, the money will be used towards commercialization and the firm which presently has an employee base of five people plans to further hire two.

McCarthy said, We invented a new hydraulic fracturing fluid technology that will improve the environmental impact and improve oil and gas production from wells. The product has potential across Marcellus, Utica and other shale plays in the country.

Sean Sebastian, Birchmere partner said, This is a really interesting company based on technology that lets them manufacturer polymers to spec. They re looking at materials that should make the fracking process consume less water and be much more environmentally friendly.

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Source: TendersInfo (India)

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