U.S. Coast Guard Validates Benefits of AbTech Industries' Smart Sponge® Technology for Use in Deepwater Horizon Oil Spill Response Effort
Clarus Capital Commits to Donating $100,000 Worth of Smart Sponge Product to Louisiana's Plaquemines Parish
SCOTTSDALE, AZ--(Marketwire - August 24, 2010) - AbTech Industries, Inc., a leading environmental technologies firm and creator of the EPA-approved Smart Sponge® water filtration technology, is pleased to announce that its passive skimmer, absorbent boom and portable filtration applications have been scientifically and peer reviewed by the U.S. Coast Guard and were last month deemed potentially beneficial to the Deepwater Horizon Response effort. That designation has been forwarded by the U.S. Coast Guard to BP and Deepwater Horizon's Federal On-Scene Coordinator (FOSC) for final contract consideration.
AbTech has also formed strategic relationships with leading scale-up, manufacturing, engineering, and deployment partners in order to build immediate, large-scale response capabilities. In conjunction with BBG Restoration, L.L.C., a company specifically formed to meet the near and long-term recovery efforts needed in the Gulf, AbTech is able to meet rapid mass deployment needs to protect vital coastal waters. BBG Restoration is financially backed by Starwood Energy Group Global, L.L.C., a leading private equity firm focused on energy and power-related investments, and has the support of renowned environmentalist Robert F. Kennedy, Jr.
Additionally, Clarus Capital Limited has committed a donation of AbTech's Smart Sponge products in excess of $100,000 to support crucial oil spill recovery efforts being carried out by Louisiana's Plaquemines Parish. "Clarus has committed to making this donation to demonstrate the efficacy of the Smart Sponge, a technology developed in response to the Exxon/Valdez oil spill," said John Carrington, managing partner of Clarus Capital Limited, adding that "The Gulf tragedy has shown us all that a lack of preparedness in advance for the immediate and massive deployment of proven technologies, such as the Smart Sponge, is no longer acceptable."
"We have been working hard for several months to get our Smart Sponge water filtration technology into the Gulf of Mexico," says Glenn Rink, president of AbTech Industries, Inc. "Now that our technology has been deemed beneficial by the U.S. Coast Guard, our hope is to see Smart Sponge deployed as a part of the ongoing oil spill clean-up efforts as soon as possible."
AbTech's Smart Sponge is a patented technology designed to filter, absorb, encapsulate, and solidify petroleum hydrocarbons on contact, yielding immediate, visible results; helping to mitigate environmental damage; and providing direct and sustainable recovery for local Gulf region communities. Each unit of Smart Sponge absorbs, on average, 3.5 times its weight in oil which it will not release under any amount of pressure. Smart Sponge absorbent material is buoyant, non-toxic, and can be burned as a waste-to-energy fuel source.
In addition to traditional oil spill remediation technologies including booms and skimmers, AbTech's Smart Sponge is available in several filtration system applications, including portable filtration boxes that can be fitted to any size boat. Smart Sponge is a proven, low-maintenance technology that is currently installed in more than 15,000 locations globally, including installations at the United States Capitol Building, and multiple U.S. military installations.
For additional information, please visit www.abtechindustries.com
About AbTech Industries, Inc.
AbTech Industries, Inc. is an environmental technologies firm dedicated to providing innovative solutions to communities and industry addressing issues of water pollutants and contamination. Its products are based on polymer technologies capable of removing hydrocarbons, sediment, and other foreign elements from still (ponds, lakes, and marinas) or flowing (curbside drains, pipe outflows, rivers, and oceans) water. Smart Sponge Plus contains an antimicrobial agent that is effective in reducing coliform bacteria found in stormwater, industrial wastewater, and municipal wastewater. AbTech's Smart Sponge technology is installed in more than 15,000 locations and eight countries worldwide. For more information please visit: www.abtechindustries.com
About Clarus Capital Limited
CLARUS CAPITAL LIMITED ("Clarus") is a financial advisory and private equity merchant banking firm focused on partnering with companies representing high growth potential. Clarus leverages its global network of strategic allies towards providing assistance in the areas of public listing, operational/aftermarket support, capital raising, and strategic advisory services. The team at Clarus has successfully partnered across a diverse arena of commercial activities including clean-technologies, consumer-product industries and resource sector opportunities. Clarus offers its worldwide network of partnerships and expertise to finance and prepare companies for the public markets not only in the U.S. but also in Frankfurt, London, and Hong Kong. For additional information please visit: www.claruscapital-hk.com
About Starwood Energy Group, L.L.C.
STARWOOD ENERGY GROUP GLOBAL, L.L.C. ("Starwood Energy"), an affiliate of Starwood Capital Group Global, L.L.C. ("Starwood Capital"), is a private equity investment firm based in Greenwich, CT, that specializes in energy infrastructure investments. Founded in 2005, Starwood Energy is an active investor in power generation, renewable energy and high-voltage power transmission projects in North America. Starwood Energy has a portfolio of seven natural gas fired power generation plants including Starwood-Midway, a natural-gas fired peaking power plant recently commissioned in California, a portfolio of high-voltage power transmission projects in various phases of development and operations, and a growing portfolio of solar power generation projects. More information can be found at www.StarwoodCapital.com.