March 24, 2015
SJF Ventures Invests in Novinium, Inc.
Auburn, Washington – March 24, 2015 – SJF Ventures announced today it has led a $20 million Series D financing in Novinium, owner of patented processes for rejuvenating aged underground power cables. Use of proceeds was for the acquisition of UtilX from Willbros Group, Inc. (NYSE: WG). UtilX offers the proprietary, patented CableCURE® injection service and other reliability and testing services.
“This acquisition will improve industry competition by providing a strong alternative to the capital intensive process of replacing underground utility power cables in order to maintain the world’s aging electrical distribution infrastructure,” said the CEO of Novinium, Glen Bertini. “Failing cable is a top contributor to both rising utility costs and customer power outages, and together UtilX and Novinium can offer the safest, most cost effective solutions for cable rehabilitation, extending the effective cable lifespan by as much as 40 years.”
As a result of this acquisition, Novinium now has over 100 customers and over 300 employees across all 50 states, Canada, and Europe. Together, Novinium and UtilX now provide about 30% of the North American cable rehabilitation and 10% globally.
“We are excited to partner with Novinium,” said David Griest, Managing Director at SJF Ventures. “Their game changing technology allows utilities to save up to 70% over the cost of cable replacement and has been proven in over 150 million feet of power cable injected to date.”
“Novinium is delighted to be working with SJF as we continue our rapid growth from a technology leading start-up to the world’s largest cable rejuvenation supplier,” said Mr. Bertini.
Novinium’s technology solutions address circuit owners’ infrastructure problems at a fraction of the cost of existing methods, save energy, save natural resources, and reduce greenhouse gases by eliminating the need for additional production of copper and polymers for new cables. Founded in 2003 by the experts who invented cable rejuvenation at Dow Corning in the 1980’s, Novinium’s patented injection process rejuvenates and extends the reliable life of cable up to 40 years. Headquartered in suburban Seattle, the privately held company is the recognized technology leader in cable rejuvenation and was honored as one of Seattle’s 2013 Best Places to Work. Further information is available at www.novinium.com.