Cavitation Technologies, Inc. and Proppant Technologies, LLC Sign an MOU to Pursue the Implementation of Joint Technologies in Water Remediation
CHATSWORTH, CA, March 27, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Cavitation Technologies, Inc. ("CTi" or the "Company") (OTCQB: CVAT), a leading ESG company, which designs and manufactures innovative ﬂow-through nano-technology systems for ﬂuid processing applications worldwide, is pleased to announce a new business opportunity with Proppant Tech Services, LLC.
As the global demand for new energy sources continues to grow, and fresh water sources become scarcer, the use of water in the fracking industry has become a critical issue. With up to 90% of fracking ﬂuid consisting of water, the amount of water consumed by frac sand facilities is signiﬁcant, with estimates ranging from 600,000 to 2,500,000 gallons of water per operation in the Permian Basin.
As a result, it is essential to develop alternative strategies for the management of produced water that reduce the overall cost, allow recovery of valuable resources, and reduce the environmental footprint of this industry. That is why CTi, a leading technology company, is at the forefront of creating innovative solutions for the reuse of cleaned wastewater in frac sand operations.
Neil Voloshin, CEO of Cavitation Technologies, Inc., commented: “Developing alternative strategies to manage produced water is of utmost importance. These strategies must aim to reduce costs, enable the recovery of valuable resources, and decrease the environmental impact of this industry. The focus should be on recycling more and using less water.”
Ignacio Martinez, a President of Proppant Tech Services, LLC, added, “Proppant has developed an innovative process and patented technology to clean large volumes of sand for the Oil and Gas industry. CTi’s technology adds an additional advantage to remediate produced water in our process, while we are expecting to increase the volumes of up to 5,000 gallons per minute.”
CTi’s cutting-edge technology can help frac sand facilities become more eﬃcient and sustainable by recycling more and using less water.
According to industry experts, the global frac sand market is expected to reach $11.4 billion by 2028, with a CAGR of 8.24% from 2023 to 2028. It is estimated that 65% of the growth will originate from North America. As this market continues to grow, it is vital to prioritize the development and implementation of sustainable practices, such as CTi's technology, to ensure that we meet the world's growing energy needs while also preserving our natural resources.
About Cavitation Technologies, Inc.
Founded in 2007, the company designs and manufactures innovative flow-through devices and systems, as well as develops processing technologies for use in edible oil refining, renewable fuel production, water treatment, and alcoholic beverage enhancement. https://www.cvatinfo.com/
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This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as ''may,'' ''should,'' ''potential,'' ''continue,'' ''expects,'' ''anticipates,'' ''intends,'' ''plans,'' ''believes,'' ''estimates,'' and similar expressions, and include statements such as, CTi’s technology adds an additional advantage to remediate produced water in our process, while we are expecting to increase the volumes of up to 5,000 gallons per minute. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties, certain of which are beyond the Company's control. Actual results could differ materially from these forward-looking statements as a result of a variety of factors including, among others, our ability to perform the installation as anticipated, the state of the economy, the competitive environment and other factors described in our most recent Form 10-K and our other filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. In light of these risks and uncertainties there can be no assurances that the forward-looking statements contained in this press release will in fact transpire or prove to be accurate. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.
Cavitation Technologies, Inc.