HISTORY OF TERRATHERM

Shell Exploration and Production (Shell E&P), a division of Royal Dutch Shell (Shell) developed the TerraTherm ISTD technology over fifteen years ago to accomplish enhanced oil recovery. Shell E&P soon recognized the technology’s application to the cleanup of contaminated sites. From 1994 to 1996, Shell Technology Ventures, Inc. (STVI), a wholly owned subsidiary of Shell E&P that held the ISTD patents, conducted several ISTD demonstrations, and established TerraTherm Environmental Services Inc. (TESI) to be a stand-alone remediation company based in Houston, TX, offering ISTD services to both the public and private sectors. From August 1996 through September 1998, TESI implemented ISTD at six sites located within the U.S. and its Territories. Its customers included the U.S. Navy and the U.S. Army Corps of Engineers. At one point early in 1998, TESI employed over 70 people. Shell subsequently elected to exit the remediation business. 

In January of 2000, Shell donated the ISTD rights to the University of Texas at Austin (UT). A new company, TerraTherm, LLC (TerraTherm) secured the exclusive license from UT to commercialize ISTD, within the United States, on January 20, 2000. Since that time, TerraTherm:

• opened offices in Fitchburg, MA, Houston, TX and Bakersfield, CA
• acquired key TESI equipment
• hired key former TESI employees familiar with executing the technology
• changed its name to TerraTherm, Inc. in November 2000
• has undertaken several R&D initiatives
• completed the design of numerous major projects
• secured capital funding in January 2001
• secured the exclusive world-wide (foreign) rights (effective September 10, 2002) to the ISTD technology from Shell E&P