BioSqueeze, a world leader in commercial biomineralization, has raised $7.4 million in financing to accelerate its growth in sealing methane leaks in oil and gas wells across North America. Led by Valo Ventures, a leading investor in climate technologies, the round also includes participation from Zero Infinity Partners, Riverstone LLC, and Next Frontier Capital.
BioSqueeze’s biomineralization technology was developed in conjunction with the Department of Energy of the United States over a 10-year period to provide the oil and gas industry with the most effective solution to eliminate fugitive emissions from oil and gas wells.
Traditional remediation technologies like cements and resins are often ineffective at eliminating sustained casing pressure due to their high viscosity, difficulty bonding to casing and existing cement, and being gas cut. BioSqueeze boasts an industry leading success rate of +90 percent, with over 100 wells sealed since 2019.
The company’s technology utilizes natural soil bacteria delivered via low-viscosity, self-diverting fluids to form calcium carbonate (limestone), steadily reducing permeability to create a permanent, gas-tight seal. The result is the most effective solution for eliminating sustained casing pressure. A technology that cannot be gas cut, seals leaks as small as 1 micron wide, continuously self-diverts to ensure all channels are sealed, and forms a permanent caprock barrier stronger than cement.
The new investment will power BioSqueeze’s ability to lead the industry’s methane reduction initiatives and address the increasing demand for the company’s natural biomineralization technology. The company will accelerate its growth across North America by bolstering its fleet of mobile leak sealing vehicles, implementing real-time, remote operations from its headquarters in Butte, and developing new products in the realm of rigless deployment, enhanced oil recovery, soil stabilization, and infrastructure repair.
“Our technology provides the oil and gas industry with a desperately needed tool critical to reducing methane emissions,” said Mark Ranalli, President & CEO of BioSqueeze. “As recent events have highlighted, clean and reliable energy is critical to society and the environment. With the industry continuing to raise the bar identifying and remediating sources of fugitive emissions, our natural technology ensures leaks are sealed efficiently and cost-effectively to maximize the impact of funding.”
“We are excited about BioSqueeze’s role in helping the oil and gas industry reduce its carbon footprint today,” said Subodh Gupta, partner at Valo Ventures. “BioSqueeze’s technology arms the oil and gas industry with a highly effective tool for eliminating methane emissions, allowing leaks to be sealed at a lower cost and delivering gains in efficiency that stretch the impact of funding. This union of impact and economics is a focal point at Valo Ventures, and we are thrilled to partner with the talented team at BioSqueeze as they apply their revolutionary biomineralization technology to reducing the environmental impact of vital energy production.”