HaloSource Enters Petrochemical Market
HaloSource Inc. and IDI to distribute the HaloKlear products to oil and gas industry companies
HaloSource Inc. and Industrial Dewatering Intl. LLC (IDI) have partnered to distribute the HaloKlear line of environmental water technology products to oil and gas industry companies in Texas and New Mexico. With exclusivity minimums maintained, the contract represents a revenue opportunity of more than $1 million for HaloSource over the next three years.
IDI already has Master Service Agreements in place with key industry players, including XTO, Enterprise Products and Kinder Morgan, and expects to expand its business with the addition of HaloKlear to its portfolio. The technology will enable customers to achieve significant cost savings by choosing green solutions rather than doing business conventionally. Using HaloKlear will allow on-premise water to be recycled with no settling time rather than the higher-cost offsite treatment options.
“It is exciting to enter the multi-billion dollar oil and gas industry with our clean water technology. This has been a major objective for us, which we are delighted to have achieved," said Martin Coles, president and CEO of HaloSource. "Our biopolymer-based technology, matched with IDI’s technical, application and mobility knowledge, will deliver economically competitive solutions utilizing greener chemistries. Understanding and positively impacting the effects of the water-energy nexus is directly in line with our core value of delivering solutions that protect our most valuable resource.”
“The opportunity to bring green chemistry to this industry with such an innovative company like HaloSource is significant," said Ronnie Vinson, CEO of IDI. "Our partnership truly represents a new era in the methodologies utilized today in the recovery of valuable oil and hydrocarbons from waste streams, while providing recycled water that meets regulatory compliance requirements for water quality standards in re-use applications. Together, we are changing the way the oil and gas industry handles contaminated water.”