Friday, March 6, 2009

The Pitch

Pioneer Energy seeks funding for clean oil recovery tech

By Mass High Tech staff

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Pioneer Energy Inc.
Headquarters: Co-headquartered in Cambridge and Lakewood, Colo.
Employees: 8
Founded: 2006
Web: www.pioneerenergyinc.com
E-mail: dhussain@pioneerenergyinc.com
Phone: 617-899-9709
The Pitch: Pioneer is seeking $8 million.

PITCHING THE TECHNOLOGY
Pioneer Energy has developed portable technology intended to help oil companies produce oil more cleanly and efficiently. Oil companies use carbon dioxide-enhanced oil recovery methods to increase recoverability of oil at a site. Pioneer Energy is using technology developed by NASA that produces CO2 from biomass and other natural material for use in carbon sequestration on oil fields. The method is designed to be both portable and modular, allowing the technology to be used by smaller oil fields, such as those in Pennsylvania, the company says.

PITCHING THE PEOPLE
Who is on the management team? Robert Zubrin, president and chief scientist, former researcher for NASA, the U.S. Department of Defense, the U.S. Department of Energy, and other government agencies; and Dan Hussain, chief intellectual property officer and vice president of business development, formerly of NASA.

Have executives been involved in a cashout prior to this venture? No.

Who is on the board of advisers? The company has not yet formed a board.

PITCHING THE BUSINESS
How much money is being sought? Pioneer Energy is seeking $8 million in funding.

What partnerships, collaborations or affiliations are already in place? The company says it has a research affiliation with Carnegie Mellon University.
   
List any federal or state grants, contracts or awards received: None.

What’s the market size being pursued? The company describes its market as 3 percent of the U.S. petroleum production market.

Who are the likely competitors, direct or indirect? Pioneer says its competition comes from pipelines carrying carbon dioxide to large oil fields.

Is the company profitable? No.