Rocky Hill, Conn., February 5, 2008 – Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has made a $750,000 investment in Oil Purification Systems Inc. (OPS), an innovator in the field of engine oil bypass filtration, through its Eli Whitney Fund. CI’s investment is part of a $3.5 million round also involving private equity firms Atlantic Capital Group and USA Fund LP.
OPS President and Chief Executive Officer Mitchell Weseley said, “Connecticut Innovations is a valuable partner for OPS from both a capital and advisory perspective. Their understanding of early stage investing and the world of clean technologies will be a valued asset as we continue to develop and market our products.”
This latest round of funding will enable OPS to continue to meet growing demand for its products, while furthering the company’s commitment to protect the environment by reducing oil consumption. As a result of OPS technology’s performance in minimizing the harmful effects to the environment from oil waste, the Connecticut Legislature’s Environment Committee in 2007 overwhelmingly approved a program funding the use of OPS’s technology to reduce oil consumption and waste oil generated by public and private fleets. The program provides financial incentives for municipalities to implement OPS technology, and qualifies for financial support as a Local Capital Improvement Project.
OPS designs, manufactures and distributes the OPS-1TM, an on-board oil refining system that streamlines engine oil maintenance for large vehicles and industrial equipment. Installed in a bypass mode, the OPS-1 system eliminates the solid and liquid contaminants in lubricating oil, virtually eliminating the need for routine oil changes. Using advanced filtering technology, the OPS-1 system:
• Dramatically extends the intervals between oil changes, cutting oil maintenance costs by as much as 90 percent;
• Reduces the amount of oil necessary to operate vehicles and equipment;
• Decreases wear in the engines, allowing them to last longer.
OPS-1 is currently installed in thousands of vehicles around the world, including the truck fleets of Stevens Transport, Casella Waste Management Systems, The Kenan Advantage Group and others.
“CI is pleased to help advance the OPS products with our funding,” said Peter Longo, president and executive director of CI. “We were impressed by the rapid market adoption of the OPS-1 system, which is clearly also impressing the company’s growing base of customers. No doubt, these customers appreciate the fact that, once installed, the OPS-1 system typically pays for itself in less than a year.” Longo added, “Given that there are about 150 million commercial vehicles now operating worldwide and about 10 million new commercial vehicles manufactured each year, there is tremendous market potential for this product.”
“This investment in Oil Purification Systems represents CI’s fifteenth investment this fiscal year,” said Governor M. Jodi Rell. “By supporting emerging energy and environmental companies like OPS, CI is complementing the ‘green’ efforts of the Connecticut Clean Energy Fund and helping Connecticut citizens benefit from a cleaner environment, while at the same time reducing oil consumption.”
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Oil Purification Systems Inc.
Oil Purification Systems Inc. manufactures the OPS-1 on board oil refining system, which removes the solid and liquid contaminants from engine oil, virtually eliminating the need for routine oil changes. The OPS-1 is used by hundreds of fleets on thousands of vehicles and generators in trucking, busing, construction, mining and many other applications. OPS-1 users have dramatically reduced oil consumption, cut oil maintenance costs by 80 percent, and extended equipment life. Most OPS clients pay for their investments within six months. OPS-1 is also an effective solution for corporate environmental sustainability programs. Founded in 2002, OPS is headquartered in Shelton, Conn., and has production facilities in Waterbury, Conn. For more information, please call 866-645-7873 or visit http://www.ops-1.com.
|
