Recover Energy Services Inc.

Recover Energy Services Inc. specializes in environmentally sustainable solutions for managing oil-based drilling waste, converting it into clean fuel and stabilization materials through innovative recycling technology. Recover Energy Services Inc. was founded in 2008 and is headquartered in Calgary, Canada.

The company focuses on recycling oil-based drilling waste to produce clean, low-sulfur diesel fuel and Recover Dry™, a clean solids phase. The founder, Mike Biersteker, has experience in innovative energy solutions. As of 2020, Recover has completed three significant deals, with the latest funding round being a Grant of USD 3. 5 mn from the Western Innovation Initiative on June 17, 2020.

Recover offers patented technology that focuses on recycling oil-based drilling waste to produce clean, low-sulfur diesel fuel and Recover Dry™, suitable for stabilization materials. The core process involves solvent extraction, transforming hydrocarbons into reusable fuel while minimizing landfill use. This addresses drilling waste disposal and reduces greenhouse gas emissions. The technology is designed for energy operators across North America, particularly in Texas and Alberta, with primary users being energy companies engaged in oil and gas exploration and production.

Recover's revenue model is based on the sale of recycled products, specifically low-sulfur diesel fuel and Recover Dry™. The company operates on a B2B basis with energy operators, offering contractual services that often involve volume commitments and performance guarantees. Clients benefit from reduced waste management costs and improved compliance with environmental regulations. The pricing reflects the value added by the recycling process, supported by partnerships with firms like Azimuth Capital Management and BDC Capital, which contribute to growth and expansion while focusing on profitability and environmental impact.

Recover plans to utilize its recent funding to enhance its technology and expand into new markets. While specific upcoming products are not detailed, the company aims to grow its presence in North America and potentially other regions by leveraging its innovative recycling solutions. The funding received in June 2020 will support these initiatives, further solidifying Recover's commitment to providing sustainable waste management solutions.