Novinium Acquires UtilX
Combining complementary firms sets stage for greater capital efficiencies, improved reliability and patented safety measures, benefiting utility customers worldwide
Auburn, Wash., April 17, 2014 – Novinium, owner of patented processes for rejuvenating aged underground power cables, today announced Novinium’s acquisition of UtilX from Willbros Group, Inc. (NYSE: WG) 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.
“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.”
The combining of Novinium and UtilX provides the utility industry with:Better operating efficiency including universal best practices and improved safety New economies of scale for purchasing and manufacturing Stronger, focused research and development for more rapid advancement Broader adoption of the latest, most cost-effective rejuvenation technology Deeper, more valuable add-on products for increased reliability and longevity Capital efficiency and more consistent power delivery, enhancing service to electrical consumers at the lowest overall cost
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.