HOUSTON (July 5, 2016) — Zahroof Valves Inc. (ZVI), announced it has secured Series C funding led by Saudi Aramco Energy Ventures (SAEV), the corporate venturing arm of Saudi Aramco, the world’s leading integrated energy enterprise. Existing investor NGP Energy Technology Partners (NGP ETP) also participated in the financing. The new round of investment lays the groundwork for the next phase in Zahroof Valves’ growth and global expansion.
“We are honored that Saudi Aramco Energy Ventures has decided to make an investment in ZVI and are pleased that NGP Energy Technology Partners continues to support our vision in the reciprocating compressor valve market,” said Tony Gioffredi, chief executive officer of ZVI. “The addition of Saudi Aramco Energy Ventures as a partner is significant, as they are recognized as a value-based strategic partner who invests in companies with strategic importance to its parent Saudi Aramco and other global energy companies.”
Established in 2010, ZVI focuses on improving the performance of reciprocating compressors through its game-changing compressor valve. The ZVI Straightflo Valve, developed by Zahroof Mohamed, is a design that is a direct “drop-in” replacement for all manufacturers’ compressor valves and can be operated in most compression applications. These include natural gas gathering, production, transmission and storage; CNG; FPSO; CO2 enhanced oil recovery; H2 and others.
“Since our company’s inception, the ZVI Straightflo Valve has been successfully utilized in a number of applications in the oil and gas industry,” said Zahroof Mohamed, president and chief technology officer at ZVI. “The Straightflo Valve’s patented technology delivers a step change in reciprocating compressor performance, serviceability and reliability while reducing greenhouse gas emissions to the environment.”
Zahroof Valves Inc. was recently named the Bronze recipient of the 2016 Edison Award in the category “Carbon Reduction.” The company was also named a finalist in the 2015 Platt’s Global Energy Awards in the category “Rising Star – Company”; IHS CERA Week’s 2015 “Energy Innovation Pioneer Showcase Company” and Pipeline Industry Guild’s 2013 winner of the Land-based Pipeline Technology award.
“We are excited about our continued partnership with Zahroof Valves Inc.,” said Phil Deutch, managing partner of NGP Energy Technology Partners. “Combining the innovative technology of ZVI with the resources and network of the NGP ETP and SAEV platforms will allow ZVI to continue its rapid growth as it continues to bring compelling solutions to the oil and gas industry.”