Press releases

The founding of POWELTEC, an IFP spin-off

13 June 2007

IFP announces the founding of the POWELTEC company, a result of its spin-off policy. POWELTEC is a service company specializing in polymer technologies for improved oil recovery and well performance.

IFP decided at the end of 2005 to further promote its spin-off policy - the founding by its employees of companies aimed at making full use of IFP technologies and expertise. Transferring IFP technology or know-how to an existing company is another form of spin-off.

To implement this policy, IFP has set up internal support arrangements designed to maximize a spin-off's chances of success. Projects are first screened by a spin-off committee. Then follows an incubation period, from 6 to 18 months long, during which IFP supports the employee through the various steps in the creation of the company. IFP's industry and marketing specialists help the founder draw up the company's business model and development plan. The legal, financial and logistics teams also provide precious help in finalizing the setting-up of the company. Finally, IFP grants loans on trust to the founders of spin-offs and agrees to rehire them, should their companies fail, up to 4 years after their departure, twice as long as provided for by law.

POWELTEC's founder, Alain Zaitoun, 55, is a chemical engineer who has spent almost all of his career at IFP studying polymers. Two IFP technicians have joined him in this project and are, like him, employees and shareholders of the company. Georges Constantinou is the Chairman of POWELTEC.

POWELTEC tests and recommends the most effective polymers for enhancing oil and gas production - polymers that also comply with environmental standards for ecotoxicity. On the strength of its founder's know-how and of a buoyant business climate – today's higher oil prices are an incentive for industrialists to enhance oil and gas production, especially from end-of-life reservoirs –, POWELTEC aims first at developing its business in France before tackling the international marketplace. One month after its founding, the company has already booked firm orders amounting to one third of its forecast sales.

More information

• Industrial partnerships > Employee spin-offs
• POWELTEC website : www.poweltec.com

In setting up these arrangements, IFP boasts another means of transferring its R&D work and enriches its corporate culture with an entrepreneurial dimension.
As an international research and training center, IFP is developing the transport energies of the 21st century. It provides public players and industry with innovative solutions for a smooth transition to the energies and materials of tomorrow – more efficient, more economical, cleaner and sustainable.
To fulfill its mission, IFP has 5 complementary strategic priorities: pushing back the boundaries in oil and gas exploration and production - converting as much raw material as possible into energy for transport - developing clean, fuel-efficient vehicles - diversifying fuel sources - capturing and storing CO2 to combat the greenhouse effect
An integral part of IFP, its graduate engineering school prepares future generations to take up these challenges.