Soane Energy
Developing innovative chemical solutions to address the global energy demand sustainably.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
$10.0m | Early VC | ||
| Total Funding | 000k | ||
Soane Energy was established in 2006 by scientist and serial entrepreneur David Soane, Ph.D., positioning itself as a provider of chemical services focused on specialty polymers and nanotechnology. The firm's primary objective was to enhance efficiency and mitigate the environmental footprint of oil and gas exploration and production. Headquartered in Cambridge, Massachusetts, the company directed its initial efforts toward Canada's oil sands market.
Dr. Soane, a figure with a track record of founding multiple companies including ACLARA BioSciences, Nano-Tex, and Soane Labs, brought his extensive experience in applying polymer-based nanomaterials to solve industrial challenges. His background in successfully commercializing scientific innovations was central to Soane Energy's strategy. The company's business model revolved around developing and deploying chemical solutions based on polymers and surface science. These technologies aimed to reduce energy and water consumption in oil extraction, facilitate water recycling, and cut down on CO2 emissions. A key service was a portfolio of technologies designed to improve oil production efficiency from oil sands and address the environmental issues associated with tailings ponds.
The company's offerings were designed to help oil and gas operators meet energy demands in a more environmentally responsible manner. For instance, its solutions enabled the consolidation of solids in tailings ponds, which aids in faster land reclamation. In 2009, Soane Energy secured its first round of institutional financing, led by Intervale Capital and with participation from Chevron's venture capital arm, CTTV Investments. The company raised $10 million in venture funding over two rounds in 2009 and 2011. According to PitchBook, Soane Energy is now out of business as of November 2019.
Keywords: chemical services, specialty polymers, nanotechnology, oil and gas exploration, environmental impact reduction, oil sands, David Soane, cleaner oil extraction, polymer chemistry, surface science, tailings ponds remediation, venture capital-backed, Intervale Capital, Chevron Technology Ventures, Cambridge startup, energy technology, water recycling oil and gas, CO2 emissions reduction, land reclamation, industrial chemicals