Monday, July 7, 2008

Masdar, Virgin Green Buy Texas Petroleum Recycling Business

San Francisco- and London-based Virgin Green Fund and Abu Dhabi's Masdar Clean Tech Fund said today that the two firms have bought out DuraTherm, a petroleum and metal recycling business based in Texas City, TX. Financial terms of the deal were not disclosed. According to the two clean technology funds, the deal was structured as an asset ascquisition with debt support from HSH Nordbank AG. DuraThern provides treatment facilities for waste streams generated by petroleum and olefin-related industries. Virgin Green Fund and Masdar said they have appointed Kevin Trant as the firm's new CEO.