SAN FRANCISCO and LONDON, July 7 /PRNewswire/ —

Masdar Clean Tech Fund and Virgin Green Fund today announced the buy-out
of DuraTherm, Inc., a petroleum and metal recycling business based in Texas
City, TX. The transaction, structured as an asset acquisition, was supported
by debt from HSH Nordbank AG and completed at an undisclosed valuation.

Using its patented DuraTherm Desorption(R) technology, the Company
provides treatment services, either at its facility in Texas City or with its
mobile units at a customer’s site, for waste streams generated by petroleum
and olefin-related industries. The proprietary technology produces “clean”
residuals while maximizing the recovery of metal and oil values contained in
the wastes.

DuraTherm addresses a variety of waste streams, including
oil-contaminated drill cuttings, refinery wastes, petrochemical wastes,
hydrocarbon-contaminated soils, spent catalysts, and other
petroleum-compatible residuals. The company’s reclamation and recycling
services provide an environmental solution superior to the alternative
disposal methods of incineration and landfill.

The new investors are providing additional capital to support DuraTherm’s
growth. The facility’s capacity and capability will be dramatically improved
as a result of this investment. DuraTherm will also invest in improving and
deploying its mobile DuraTherm Desorption(R) units, thus expanding its
geographic availability to both US and international customers.

Kevin Trant has been hired as CEO to lead the next phase of DuraTherm’s
growth. Mr. Trant was previously with Siemens Water Technologies where he was
EVP of its Services and Products Group, a division focused on five business
segments targeting municipal and industrial customers.

Founder and exiting CEO, Barry Hogan, stated, “The exiting equity group
chose the Virgin/Masdar proposition in large part because their commitment to
funding growth best positions the company and its employees to meet the large
market opportunity created by the escalating commodity values of oil and
metals.” Mr. Hogan will continue to serve the company in an advisory
capacity.

Wayne Keast, a partner of the Masdar Clean Tech Fund, acting on behalf of
Consensus Business Group, added, “Regulations relating to the handling of
petroleum waste continue to strengthen in favor of environmentally friendly
solutions such as the DuraTherm Desorption(R) technology. We are pleased that
the key management team who created the opportunity remain committed to the
future of the business. This speaks volumes for their belief in and
commitment to the Company. We are sure Kevin Trant’s leadership will only
serve to bolster and enhance the existing team.” Mr. Keast will be joining
the board of DuraTherm.

Evan Lovell, partner of Virgin Green Fund, who also joins the board,
said, “We are very excited about our involvement with DuraTherm. We believe
the company is well-positioned to capture a greater share of the petroleum
waste being generated by the petroleum and petrochemical industries and to
continue to provide world-class services to its customers on a global basis.
One of our core initiatives has been to seek investment in companies
providing clean and environmentally friendly services to the traditional oil
and gas area. This is a differentiated transaction in the Clean Tech
investing sector because very few leveraged buyouts have been completed in
the sector to date.”
“With a strong position in the United States, we believe that DuraTherm
is well-positioned to expand globally, and Masdar looks forward to driving
that expansion,” said Alex O’Cinneide, partner at the Masdar Clean Tech Fund.
“We have been working with DuraTherm for more than nine months and feel,
given the enormous promise of their technology combined with their world
class management, more than pleased to have DuraTherm in our portfolio. We
are also very pleased to once again work with the Virgin Green Fund and to
bring them as equal equity partners on this transaction.” Mr. O’Cinneide will
also join the DuraTherm board, thereby completing the investor groups’
representation.

Mr. Trant noted, “I am excited by the challenge of joining DuraTherm as
CEO and delighted to be associated with Masdar Clean Tech Fund and Virgin
Green Fund. Both groups provide the financial resources and global influence
necessary to take DuraTherm through the next stage of its growth.”
About Masdar Clean Tech Fund

The Masdar Clean Tech Fund LP is a US$250M investment vehicle made up of
commitments from the following

— Abu Dhabi Future Energy company (ADFEC)
— Consensus Business Group (CBG)
— Credit Suisse (CS)
— Siemens AG

The fund is co-managed by CS, CBG, and ADFEC and leverages Abu Dhabi’s
larger alternative energy initiative, known as the “Masdar Initiative,” that
was launched in March 2006. The Masdar Initiative is Abu Dhabi’s
multi-faceted project to champion the development of advanced energy
technologies and promote diversified and sustainable economic growth. The
initiative leverages Abu Dhabi’s considerable financial resources and energy
expertise into innovative solutions for cleaner, more sustainable energy
production and resource conservation. For more information, visit
www.masdarctf.com.

About Virgin Green Fund

Virgin Green Fund has been established to invest in companies in the
renewable energy and resource efficiency sectors, primarily in the United
States and Europe. Virgin Green Fund is a sector-focused, multi-stage
investment firm investing primarily in expansion/growth capital opportunities
with offices in London and San Francisco. Diversification is a cornerstone of
the strategy. The Fund has been launched with the backing of the Virgin Group
and a strong network of additional limited partners. For more information,
visit www.virgingreenfund.com.

Web site: http://www.virgingreenfund.com
http://www.masdarctf.com

DuraTherm, Inc.; Virgin Green Fund