The financing facility will fund the construction of a purpose-built manufacturing facility and new equipment purchases to support Ideal Energy Solutions, LLC’s growth in domestic and international markets.
August 25, 2022 - LAFAYETTE, La. - Ideal Energy Solutions, LLC (the “Company” or “Ideal”) Board of Managers is pleased to announce the closing of a new multi-million dollar debt facility with VeraBank, N.A. (“VeraBank”) of Henderson, Texas. The funding will support the Company’s growth into new domestic and international markets, expand their manufacturing
footprint, eliminate backlogs, and ensure a timely response to customer needs. This new debt facility was unanimously approved by the Company’s Board of Managers.
“We are excited to partner with VeraBank on this new financing facility and believe this new partnership will enable us to prepare for our bright future and better serve our current and prospective customers, both domestically and internationally,” said Travis Callais, President of Ideal Energy Solutions, LLC.
The funding will be used in part to construct a purpose-built manufacturing and blending plant. Located in Lafayette, Louisiana, the new plant will consolidate Ideal’s offices, laboratory, warehouse, and manufacturing facilities into a single location. At the new facility, Ideal will be able to produce 70,000-80,000 pounds per day of their flow assurance products LamFlo®, LamKleen®, WellRenew®, and PipeRenew®. Construction is estimated to begin in January 2023, with an expected completion date of October 2023.
The VeraBank financing facility will also be used to acquire and assemble multiple equipment packages to support Ideal’s growing customer base. The new equipment includes blend tanks, chemical injection pumps, centrifugal pumps, and hydraulic power packs. Custom designed by Ideal, this equipment is user-friendly and purpose-built for oilfield applications. All of the new equipment is modular and can be used both onshore and offshore in conjunction with the Company’s entire product line. The Company is taking delivery of new equipment each week and expects to receive all pieces by October 2022.
Serving East Texas and Central Texas, VeraBank is a privately-owned community bank with $3.9 billion in assets and more than $900 million of trust assets under management. “We are delighted for the opportunity to partner with Ideal on its growth and business development strategy and look forward to seeing Ideal achieve its business goals,” said Michael Moores, Executive Vice President of VeraBank.
Founded in 2013, Ideal Energy Solutions, LLC is a technology service company based in Lafayette, Louisiana. Ideal specializes in the development of flow assurance and production maintenance chemicals for the oil and gas industry, serving operations throughout South Louisiana, the Gulf Coast, South Texas, as well as international markets.
For more information, visit https://www.idealenergysolutions.com or contact Ideal at sales@idealenergysolutions.com