Making another investment in the name of the state, Connecticut Innovations has provided Oil Purification Systems Inc., an innovator in the field of engine oil bypass filtration, $750,000 through its Eli Whitney Fund.
The investment is part of a $3.5 million round of funding also involving private equity firms Atlantic Capital Group and USA Fund LP.
“Connecticut Innovations is a valuable partner for OPS from both a capital and advisory perspective,” said Mitchell Weseley, Oil Purification Systems (OPS) president and CEO. “Their understanding of early-stage investing and the world of clean technologies will be a valued asset as we continue to develop and market our products.”
The company specializes is producing technology that minimizes the effects of oil waste on the environment.
In 2007, the Connecticut Legislature’s Environment Committee overwhelmingly approved a program funding the use of OPS”™s technology. The program provides financial incentives for municipalities that implement the technology, and qualifies for financial support as a local capital improvement project.
OPS also designs, manufactures and distributes the OPS-1, an onboard oil refining system that streamlines engine oil maintenance for large vehicles and industrial equipment. According to OPS, the system eliminates the solid and liquid contaminants in lubricating oil, nearly eliminating the need for routine oil changes.
“Given that there are about 150 million commercial vehicles now operating worldwide and about 10 million new commercial vehicles manufactured each year, there is tremendous market potential for this product,” said Peter Longo, president and executive director of Connecticut Innovations.
“CI is pleased to help advance the OPS products with our funding,” said Longo. “We were impressed by the rapid market adoption of the OPS-1 system, which is clearly also impressing the company’s growing base of customers. No doubt, these customers appreciate the fact that, once installed, the OPS-1 system typically pays for itself in less than a year.”
