Acquisition Announcement

23-Aug-2017

(Calgary, AB) – On August 23, 2017 Field Upgrading completed the asset purchase of Ceramatec Inc.’s remaining Upgrading and NaSICON Assets. Ceramatec Inc. has been a pioneer in research and development in a variety of technologies. This acquisition gives Field Upgrading the best tools to produce the ceramic membranes utilized in our DSU™ process and has complete ownership of the full spectrum of intellectual property associated with the DSU™ process. 

Ceramatec has been Field Upgrading's technical partner since the invention of the DSU™ process. Until this acquisition, Field Upgrading had an exclusive licensing agreement with Ceramatec for their extensive expertise to support the development of the DSU™ technology through to commercialization. To accomplish that goal, a special team of Ceramatec experts had been assembled with over 100 years of upstream and downstream experience in the oil business.

As part of the acquisition, Field Upgrading has retained this team and welcomes 12 new employees, including Dr. Steve Hughes who has accepted the role of Vice President, NaSICON R&D and Manufacturing for Field Upgrading. The team will relocate to Denver before the end of October 2017 and begin the scale up of NaSICON to achieve Field Upgrading’s plan of commercializing the DSU™ process. 

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Field Upgrading Limited is a privately-owned company dedicated to the development and commercialization of a heavy oil upgrading technology called DSU™. DSU™ uses molten sodium to significantly reduce the levels of sulphur, metals, acid (TAN) and asphaltenes in heavy oil feedstocks, including oil sands bitumen. DSU™ also significantly increases the API gravity of the feedstocks while achieving a relatively higher yield compared to conventional upgrading technologies. For more information on Field Upgrading Limited, visit www.fieldupgrading.com

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