Oct 23 2007
NanoDynamics Inc. announced the recent formation of a joint venture with Shell Technology Ventures Fund 1 B.V. to develop new materials and products expected to improve exploration and production efforts in the international oil and gas industry. The joint venture, Epik Energy Solutions, L.L.C., capitalizes on NanoDynamics' capabilities in nanomaterial synthesis and product engineering, in applications ranging from solar energy conversion, energy storage, lightweight wear-resistant materials and water purification to enhanced down-hole and construction materials and taggants.
"Epik Energy Solutions will leverage the technology, materials, and process capabilities of NanoDynamics, with the guidance and industry knowledge of Shell Technology Ventures Fund 1 B.V., to address several of the ongoing challenges in the global oil and gas industry," said Keith Blakely, NanoDynamics C.E.O. "This joint initiative will target the application of nanomaterials and nano-enabled products to improve a broad range of exploration and production issues. With the rapidly increasing demand for energy across the globe, it is all the more important to examine ways of improving fuel extraction and processing methods through advanced materials and technologies."
"Shell Technology Ventures Fund 1 identifies and collaborates with promising entrepreneurial companies to develop step-change, field-hardened products and services for the oil and gas industry," said Oliver Capon, C.F.O. of Kenda Capital B.V. "Epik Energy Solutions capitalizes on NanoDynamics' leading- edge technologies and valuable academic and industry relationships, to further propel this aim."
The initial board of directors of Epik Energy Solutions consists of Keith Blakely, NanoDynamics' C.E.O., Oliver Capon, Kenda Capital's C.F.O., and Matthew Bell, GEODynamics' vice president - technology and experienced completions engineer.