Fluid Energy Group Ltd and Dorf Ketal Chemicals India Private Limited, have today announced Dorf Ketal FZE, a wholly owned subsidiary of Dorf Ketal Chemicals India Private Limited has acquired Fluid Energy Group's global Modified and Synthetic acid business including the Triton industrial business. The business had a turnover of approximately CAD 80 million in 2022 (Full calendar year).

Fluid Energy has developed and marketed a robust, technologically advanced patented product line of Modified and Synthetic acids that are applied widely across a range of industries, including Water Treatment, Energy and Petroleum, Mining, Industrial, Consumer, and Food & Beverage.

The technology strongly aligns with Dorf Ketal's global ESG focus, and the acquired business has a significant impact on improving HSE profile, greatly reducing Water Consumption and CO2 emissions from operations, all while greatly reducing or eliminating the risks associated with storing, transporting, and handling strong mineral acids. The acquired company will operate as Fluid Energy Limited, a corporation incorporated under the laws of the province of Alberta, Canada.

"This acquisition will bring additional strategic assets, innovative new technology, talented people, and strong customer relationships into Dorf Ketal," said Subodh Menon, Founder, Director – Business and Operations, of Dorf Ketal Chemicals India Private Limited. It will enable our continued sustainable global growth, aligning with our global focus on improving the environmental impact of our business and our customers operations and commitment to providing innovative services across a wide range of industries."

"This strategic divestment aligns with the future development and repositioning of the Fluid Energy Group into a leading sustainable chemistry supplier" said Clay Purdy, Chief Executive Officer and Chairman. "We will continue our journey bringing new technologically advanced and innovative sustainable chemistries across the biofuels, fine chemistry, cellulosic ethanol and life sciences markets through our SixRing and SciencePak subsidiaries. With its strong reputation as a supplier of premium products and services to the industrial marketplace, its vast geographical presence, and its solid customer relationships, Dorf Ketal is the ideal owner for the continued global development of the business, providing a greatly increased level service and support infrastructure for our employees, customers, and other stakeholders moving forward".

"We are thrilled to welcome another large international investment into Alberta. Dorf Ketal's acquisition of Fluid Energy Group is once again proof that Alberta continues to be a world class leader in innovative technologies and still the best place in North America to invest and conduct business. This international investment into our oil and gas sector will assist Alberta in continuing to be the economic workhorse of Canada. Furthermore, it will create new avenues and opportunities for new employment in Alberta," said Rajan Sawney, Alberta Minister of Trade, Immigration and Multiculturalism.

The Energy and Power Division of Piper Sandler Limited served as the exclusive corporate finance advisor to the shareholders of Fluid Energy Group for the transaction. Ernst & Young India advised Dorf Ketal on this transaction. The acquisition was partially funded from internal accruals and long term loan from Citibank and EXIM Bank of India.