THE WOODLANDS, TEXAS (April 9, 2018) --- NanoVapor Inc., a safety and environmental technology startup focused on managing hazardous fuel vapors and VOCs, announced today significant progress in the deployment of breakthrough methods to safely and quickly suppress and absorb hydrocarbon vapors in the Aviation, Oil and Gas (O&G), and Industrial market segments.
“We believe in providing safer degassing solutions for employees and the environment, while reducing operational costs worldwide,” said NanoVapor President and CEO Rob Krotee. “NanoVapor is the technology partner that creates opportunities for companies to improve safety, reduce overall risk to people and the environment, and significantly lower costs.”
NanoVapor’s technologies can be used by airlines, O&G, and industrial companies required to manage their hydrocarbon emissions in a safer, more environmentally compliant, and economical way. "The NanoVapor team has a proven track record in the aviation and oil & gas sector, we see great economical potential for the commercialization of this disruptive technology," said Michael Corcelli, CIO of Alexander Alternative Capital GP, LLC. Compared to other methods, NanoVapor’s advance vapor management system provides a significant reduction in costs and is capable of producing zero emissions. This is done by utilizing the patented vapor suppression and absorption technologies as demonstrated by test data, field trials, and customer use and acceptance.
NanoVapor has successfully shown that it can efficiently suppress and absorb harmful and hazardous vapors from underground storage tanks, commercial aircraft fuel tanks, railcars, marine vessels, and aboveground storage tanks. The applications showed that NanoVapor’s systems are safer, faster, less costly, and more environmentally friendly than existing methods of degassing.
Current degassing methods, such as thermal oxidation and nitrogen purging, work by either destroying vapor or removing oxygen for the vapor space. However, these still emit carbon to the atmosphere, create the risk of worker asphyxiation, and can take a long time. NanoVapor’s technology can absorb any existing vapors and then prevent the evaporation of residual fuel at its source. As a result, it reduces the release of hazardous air pollution and makes the employee work environment safer.
NanoVapor offers a compelling value proposition to airlines, refineries, terminals, railroads, the marine industry, and fuel storage companies. It can serve customers by:
● Improving workplace safety, health, and environment by minimizing venting or release of harmful vapors and reducing the risks of combustion.
● Reducing maintenance costs as a substitute for, thermal destruction, carbon adsorption, nitrogen tank inerting, water filling, and air purging/venting services.
● Significantly increasing asset or facility utilization by substantially reducing maintenance downtime and control device footprint. NanoVapor’s suppression technology can safely reduce the tank degassing time by more than 50% (up to 90% in some applications). Since aircraft downtime, for example, can cost up to $250,000 a day, NanoVapor’s system offers a compelling economic value proposition.
● Reducing environmental impact. NanoVapor’s products are non-toxic, environmentally friendly, and completely safe for humans, plants and animals.
● Potentially decreasing evaporative product loss during transportation and storage.
NanoVapor’s patented, innovative systems may be used separately or combined to more effectively address the safety and operational inefficiencies caused by the flammability and harmful effects of organic vapors. These systems use a proprietary vapor suppressant and vapor scrubbing system, which are optimized for hydrocarbons such as gasoline, diesel and jet fuels, and crude oil.
These benefits can provide measurable safety, health and economic value proposition for any business involved in the production, transportation, or storage of refined petrochemical products.
The company has already generated global retail fuel station, aboveground storage, and marine vessel sales, with the first industrial sales and absorption technology installation expected to occur in the second quarter of 2018.
Approval required for starting commercial aviation sales is expected in Q2 2018. An aggressive business development plan for the U.S. oil and gas market is ready to be executed.
For further information, direct inquiries to Robert Krotee, President & CEO, at 832-906-5834, or to Russell Chew, Executive Chairman, at 646-709-0814.
ABOUT NANOVAPOR
Based in The Woodlands, Texas, NanoVapor is a global sustainability and safety technology company that has developed breakthrough zero emission technologies in the safe industrial management of vapors from Volatile Organic Compounds.
NanoVapor’s patented technologies directly address the safety, health, workplace and environmental issues related to vapor management in the Energy and Aviation industries, as related to petroleum-based environmental contamination, product and process efficiency.
ABOUT THE EXECUTIVE TEAM
Russell G. Chew, Executive Chairman
Mr. Chew previously served as Managing Partner at NEXA Capital Partners providing Investment Banking and Advisory Services for Aerospace and Technology companies. Before NEXA, Mr. Chew was President & Chief Operating Officer of JetBlue Airways. He also served as Chief Operating Officer for the FAA, where he was responsible for safe and efficient air traffic control operations across the United States, all capital acquisition programs, and research, engineering, and development. Prior to his government service, Mr. Chew was Managing Director of System Operations at American Airlines. During 17 years at American, he managed worldwide operations, strategic planning for operations and technology, technical operations, regulatory requirements, and information technology for flight operations. He holds a Ph.D. from the University of Southern California and conducted his undergraduate work at Stanford University.
Dan Colussy, Vice Chairman
Mr. Colussycurrently serves as chairman of Gemini Capital, where he evaluates and executes investment opportunities. His previous positions include: Chairman and CEO of Iridium Satellite LLC from 2000 – 2009, Chairman, President and CEO of UNC Incorporated from 1985 – 1997, President and CEO of Canadian Pacific Air Lines Limited from 1981 – 1984, and President and COO of Pan American World Airways from 1970 – 1980. He formerly served on the boards at Blue Cross Blue Shield of MD, DE, and DC (Chairman), Constellation Energy (Baltimore Gas and Electric), and Horizon Lines, Inc. He holds a Bachelor of Science in Engineering from the U.S. Coast Guard Academy, and MBA from Harvard University.
Rob Krotee, President & CEO
Mr. Krotee has over 22 years of leadership, business development, business management, commercial strategy, marketing, and sales experience. He spent most of his career in the energy space. He previously worked as the Senior Vice President of Sales and Marketing of Laney Directional Drilling. He spent over 11 years in leadership roles at Honeywell International, serving in general management, marketing, and sales roles in Europe, Latin America, Asia, and the Middle East. Prior to Honeywell, he worked at Tetra Tech Inc. in environmental consulting and at Enron Corp in trading and risk management. Additionally, he served as an Armor Officer in the United States Army with the 1st Armored Division. Mr. Krotee holds a Bachelor of Science degree from the United States Military Academy at West Point, a Master’s of Science from the University of Missouri – Rolla, and a Master’s in Business Administration from Texas A&M University.
Jim Rice, Chief Technology Officer
Mr. Rice is a 33-year veteran of Cabot Corporation, where he last served in Research and Development. He spent four years in Asia as the Managing Director & CEO of three chemical plants, which he converted to profitable operations. He cured significant safety issues, accomplishments that reduced risk and enhanced production performance. Mr. Rice holds a Bachelor of Science in Electrical Engineering from the University of Arkansas and Masters in Electrical Engineering from Washington University, St. Louis.
Gary Wilkinson, Chief Administrative Officer and Member of the Board
Gary Wilkinson is a co-founder of NanoVapor Inc. Gary was the former Director at ERG, LLC, a professional services firm where he worked on a number of startup projects as CEO, COO, and CFO. As a former Treasurer at Bain & Co., Mr. Wilkinson delivers extensive experience in deal structuring, finance, management, and entrepreneurship. During a 14-year career with Bain, Mr. Wilkinson helped successfully restructure the company, and he created and managed the firm's equity investment programs, which included 15 funds that managed over $250 million. Gary holds an MBA from Northeastern University.
John Mowell, Director
John (Jack) Mowell is the owner/CEO of Mowell Financial Group, a southeast regional investment management and banking firm located in Tallahassee, Florida. In addition, Mr. Mowell is CEO of Beartooth Energy, a Montana based producer of oil and gas in the Bighorn Basin. He served as Executive Chairman for EMS Technologies, a high-tech satellite and communications company, which he sold to Honeywell, Inc. Mr. Mowell also served as CEO of Reflectone Inc., an international flight-simulation manufacturing and training company, which he sold to British Aerospace, PLC. Over his career, Mr. Mowell has been directly involved in eight strategic M&A transactions, served as an advisor in many other M&A deals, and dealt with numerous start-ups in the commercial and defense sectors. He served as a US Naval Aviator, and is a graduate of the Wharton School of Commerce and Finance.
John Belcher, Director
John Belcher was chairman and CEO of ARINC over the past 11 years building it into a global business with revenues over $1.4B. He sold the company at the end of 2013 in 4 parts with an excellent return for shareholders. Mr. Belcher has more than 30 years of experience in the aviation, aerospace, airports, information technology, and defense industries. Previous executive positions include President and CEO, Hughes Aircraft of Canada, Ltd.; Vice President, Hughes Aircraft Company; President and CEO, Thompson-Hickling Aviation; Senior Vice President, SPAR/PRIOR Data Sciences; Executive Director, Transport Canada; and Director General, Supply and Services Canada. A leading authority in aviation and air transportation, Mr. Belcher served as Chairman of the Canadian Advanced Technology Association, President Advisory Board University of Waterloo
