Greentech Lead America: Lithium Exploration Group has signed an agreement to acquire Blue Tap, which has consolidated the waste disposal facility and assets of Excel Valley Petroleum.
Lithium Exploration Group entered into an LOI with Excel Valley Petroleum in May to perform due diligence on the assets and explore an opportunity to acquire a controlling interest in the disposal facility.
The existing management will retain a portion of the equity and will be responsible for day to day operation of the disposal facility. The facility is ready to accept salt water disposal and has a Class 1A waste designation which will require some additional infrastructure before it becomes active.
The investment from Lithium Exploration Group will bring the facility to active Class 1A status and drive significantly higher revenue and profit to the operation, the company said.
The decision to acquire waste disposal business has many synergies with Lithium Exploration Group’s existing efforts in mineral exploration and technology development. CEO Alex Walsh said the company is exploring other opportunities that complement its activity in the mining, oil and gas, and technology industries.