DynaPump Raises $12 Million in Series C Growth Equity Financing

DynaPump, Inc., a leading manufacturer of surface mounted artificial lift systems for the oil and gas industry, announced recently that it has closed $12 million in Series C Convertible Preferred equity financing from new and existing investors. DFJ Element, L.P. (“Element”) led the investment round and was joined by NGP Energy Technology Partners, L.P. (“NGP Energy Technology Partners”) and return investor, CTTV Investments LLC (“Chevron Technology Ventures”). Element, NGP Energy Technology Partners and Chevron Technology Ventures are three of the premier energy technology funds in the United States.

”Our investors in this round command a depth of industry experience and network of contacts that are virtually unmatched in the energy technology sector. DynaPump will also benefit from the financial strength and business expertise of this group,” stated DynaPump founder, Allan Rosman. “With this latest round of investment, we will expand our manufacturing and after-sales service capabilities which will provide our customers with further confidence in our company, our product, and our capabilities in the field.”

”The DynaPump truly is a superior product compared to conventional rod lift systems.” said David Lincoln, Managing Partner of DFJ Element. “Benefits of the DynaPump include its low acquisition cost, light weight and ease of installation, high reliability, low maintenance and a large reduction in energy requirements. Most importantly though, the unit is computer controlled with automated diagnosis of well operations and flow control; and the unique differential speed control dramatically increases production efficiency resulting in improved cash flow for the operator.” Communications to remote locations are also included.

Philip Deutch, Managing Partner of NGP Energy Technology Partners added, “DynaPump has introduced a more efficient and more cost effective artificial lift innovation for a wide spectrum of pumping applications in oil & gas and coal bed methane production. We continually look for companies with proven and compelling technologies that can reduce operating cost in the oil and gas sectors. We believe DynaPump is one of those companies.”

As part of the transaction, David Lincoln and Philip Deutch will join DynaPump Board of Directors.

DynaPump, Inc., manufactures surface mounted artificial lift systems for the oil and gas industry. The DynaPump is less expensive; more energy efficient and more reliable compared to conventional rod lift systems. Headquartered in Northridge, California, the company is privately held and backed by major private equity investors.

For more information, please visit www.dynapumpinc.com