Propell Technologies, a Texas company that holds exclusive rights to a patented clean fracking technology created by a Skolkovo resident, recently received $5 million in investments from Roman Abramovich’s Ervington Investments.
The investments are part of a promising future for Novas Energy, which created the clean fracking technology used by Propell. Novas’ Plasma-Pulse Technology (PPT) enables gas and oil producers to achieve improved oil well productivity rates without threatening the environment.
PPT has improved oil recovery in over 300 wells throughout Russia and the Commonwealth of Independent States. Additionally, the technology has been implemented with positive results in 40 U.S. wells.
“The investment by Ervington is a strong endorsement of Propell's innovative approach and strategy to treat oil wells by a strategic global investor with a track history of enormous success,” Propell’s President and CEO John Huemoeller said. “This strategic investment should expedite our rollout plan, provide us with high level access to energy users and potential partners globally and provide the necessary funding to accomplish our goals.”