U.S.-based crowdfunding platform Nvsted announced on Wednesday it launched a new investment campaign for CentriCrude, a technology startup that is on a mission to recover and resell previously unused crude oil. The funding round is seeking up to $1.3 million.
According to Nvsted, CentriCrude’s leadership believes that 3% to 6% of all oil extracted from the ground ends up as unmarketable crude oil, leaving behind between $45 and $90 billion annually, which is a challenge the company will address.
“The Company has two products. The first is crude oil which it recovers from unmarketable crude oil using its proprietary centrifugal process. The second product is service. The service is relieving the oil field operators of their unmarketable crude oil. It is this unmarketable crude oil that is the Company’s feed stock for its process of recovering good crude oil.”
Speaking about the new investment round, CentriCrude CEO, David Park, stated:
“We’re pleased that Nvsted is handling our initial capital funding,” says . “CentriCrude Services is bringing a new advanced technology to the business of recovering marketable crude from reject crude, and doing so in an environmentally friendly way. We believe the oil field operators will be pleased to use our services.”
Nvsted claims to be the first Title III funding portal in the nation organized by an economic development agency. The platform is unique in that it only hosts businesses that are located or employ workers in the St. Louis region. County Executive, Steve Stenger, commented upon launching the Nvsted platform in April:
“We hope that [Nvsted] offers our entrepreneur community one more tool in their toolbox to have a successful business.”
Nvsted funding platform is considered the latest development in the growth of the startup and innovation community in St. Louis that includes entities like T-Rex, the Cortex Innovation District, 39 North, and numerous co-working, incubator and accelerator programs throughout the region.
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