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CiDRA Completes $8.0 Million Round of Financing
Wallingford, CT - May 21, 2009:
CiDRA today announced the successful close of an $8.0 million round of financing. CiDRA is a privately-held, Connecticut-based developer of process optimization tools and services for industrial applications. This financing will be used to aggressively develop various service offerings related to flow management and assurance, velocity profiling, and overall plant monitoring and process optimization in minerals processing, oilsands, power generation, and pulp and paper applications. CiDRA’s current products and services are being used by over 250 customers in 21 countries.
“Our rapidly increasing geographic presence, and our expansion into field services for our customers, demands growth capital,” said Kevin Didden, President and CEO of CiDRA. “We are in a rare position to have delivered a significant return on capital to our investors last year, due to the sale of our oil and gas business, which has positioned us well for growth capital this year. We are privileged to have our investors as our long term partners and look forward to the continued success we have been experiencing,” added Didden.
“We are very happy to be an investor in clean tech's "best kept secret", CiDRA. CiDRA is a rare combination of a proven track record in value creation, experienced management team, and unique proprietary technology with broad horizontal applications.” said Marc Weiss, CIO of Open Field Capital.
About CiDRA:
CiDRA is headquartered in Wallingford, Connecticut with an increasing number of international offices. CiDRA’s patented SONARtrac®, SMARTring™ and HALO™ flow technology systems and tools utilize measurement principles that are distinct from all other flowmeter technologies or services operating today and are ideally suited for
measuring flow in difficult slurry applications within the energy and natural resource industries. CiDRA’s non-intrusive flow monitoring systems do not make contact with the slurry and can be removed and reinstalled when it is necessary to replace the pipe. This passive, sonar-based technology enables measurements of single phase and multiphase fluids, as well as slurries, with the same level of accuracy and performance. |
Additional information about CiDRA can be found at www.cidra.com.
SONARtrac is a trademark of CiDRA.
Contact:
Ruth O'Connell
CiDRA Corporate Services
203-626-3568
roconnell@cidra.com |
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