Terves Breaks Ground on its Expanded Magnesium Foundry for Manufacturing
EUCLID, Ohio--(BUSINESS WIRE)--Jul 30, 2018--Terves Inc. (“ Terves ”) is pleased to announce that on July 27, 2018 Terves broke ground on a 12,000 sq. ft. expansion to its Magnesium Foundry. This H3-classified magnesium metal processing facility expansion enables Terves to further expand its metal processing, heat treatment, machining, and storage capabilities. The expansion plans include additional permanent mold and materials handling and storage space, and the addition of sand casting, squeeze casting, and diecasting capabilities for custom magnesium and magnesium alloys and composites, in addition to further expansion of build-to-print component CNC machining services. These additions enable the company to support aerospace and defense magnesium applications in addition to Terves’ leading position in the dissolvable oilfield tool market.
“ Dissolvable Metals are the New Composites as far as oilfield tools are concerned. Oilfield tools made from composite materials were adopted in the industry about two decades ago and today occupy a sizable market share. We are seeing a major adoption and growth trajectory for oilfield tools made from dissolvable magnesium materials. At the end of 2017, roughly 2% of all frac plugs deployed in the field were being made using dissolvable metals and the market is expected to grow to 5% of all frac plugs deployed in the field by the end of 2018 – a 250% growth in one year, with adoption and use increasing through 2025. We are seeing tremendous innovation as the industry gains extensive field experience with these new Engineered Response multifunctional materials, including several new staging and completion tools engineered using dissolvable materials. Given the massive value-add of dissolvable tools, primarily eliminating post-completion drill-outs coupled with the ability to do longer laterals, we expect that dissolvable tools would replace over 30% of drillable tools used in well completion over the next 3-5 years. Terves is investing in a further doubling of production capacity for cast and wrought magnesium products, and the expansion frees up space in existing facilities for initial production of new Engineered Response products, including revolutionary expandable structural materials and gas-generating reactive materials”, said Mr. Andrew Sherman, CEO of Terves.
With the widest range of dissolvable metals, polymers and metal matrix composites; Terves is the technology and value leader in the industry. Terves has a portfolio of 40+ published, pending and provisional patents that not only cover the lowest-cost highest-value dissolvable products but also enabling technologies such as tracers, chemical delivery in a dissolvable carrier, coatings, etc. that further augment the value of dissolvable tooling in the oil and gas industry.
Terves is the technology and cost leader in the development, manufacturing and sale of Engineered Response ™ smart materials for the oil and gas industry. Terves’intelligent materials sense and respond to their local wellbore environment to “do more”, such as dissolve, change dimensions, generate force or heat, destroy chemicals or bacteria, bond together, or solubilize and disperse based on change in time, temperature, pressure, PH, electrostatic charge, or other change in the local environment.
Terves is the leading manufacturer of dissolvable metals and dissolvable elastomers that are used for making frac balls, plugs, slips, seals and several other components used in oil and gas well completion and production; and have been used for completing tens of thousands of stages in North America, Europe, South America, Asia and MENA regions. Terves’ product portfolio also includes highly-engineered specialty proppants, expandable materials, acoustic imaging tools, thermites and structural reactive materials, net-shaped ceramic-metallic (cermet) nanocomposites, and high energy density supercapacitors. Terves is a strong materials science research-based and product-focused organization that works with oil and gas majors, operators, EPCs and OEMs to develop and commercialize compelling technologies, products and capabilities for critical challenges in oil and gas exploration, production and completion operations.
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CONTACT: Terves Inc.
Anupam Ghildyal, +1-216-375-6393
KEYWORD: UNITED STATES NORTH AMERICA OHIO
INDUSTRY KEYWORD: ENERGY OIL/GAS OTHER ENERGY TECHNOLOGY NANOTECHNOLOGY OTHER TECHNOLOGY MANUFACTURING AEROSPACE CHEMICALS/PLASTICS ENGINEERING STEEL OTHER MANUFACTURING DEFENSE OTHER DEFENSE RESEARCH OTHER SCIENCE SCIENCE
SOURCE: Terves Inc.
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PUB: 07/30/2018 10:00 AM/DISC: 07/30/2018 10:00 AM