MGX Minerals to purchase 100% interest in PurLucid
Energy supply firm MGX Minerals has finalised an investment agreement to purchase up to 100% interest in water and wastewater treatment technology firm PurLucid Treatment Solutions.
Through the deal, MGX aims to become a full-service water treatment option for oil and gas (O&G) developers by integrating its lithium brine extraction technology with PurLucid’s water purification process.
In addition to the agreement, MGX finalised the intellectual property, performance agreements and exclusive licencing for all rapid lithium extraction technologies.
Initiated in September last year, the acquisition initially included purchase of 26.6% of PurLucid for $1m. MGX is now exercising its option to purchase an additional 7.5% by issuing 1.5 million shares.
MGX Minerals president and CEO Jared Lazerson said: “As activity within the oil and gas industry continues to pick up in North America, the cost of wastewater treatment and disposal options is a growing concern for oil and gas developers.
“This new technology enables oil and gas providers to treat their wastewater with a highly effective, low energy solution which replaces conventional methods such as disposal wells using the brine water as the primary feedstock for our petrolithium extraction process.
"Under these conditions, our investment in and acquisition of PurLucid is an efficient way to combine the development of valuable minerals with wastewater management for the upstream oil and gas industry.”
Specifically developed for oilfield environments, PurLucid’s nanoflotation technology can be used to separate impurities from oil and gas wastewater for producing clean water.
It can also be used to recycle or perform controlled release of oilfield wastewater, thereby avoiding downhole or alternative storage.
The integration of this technology with MGX’s rapid lithium extraction process will allow separation of oil from lithium-bearing brine.