Magma Global has raised $60million from strategic investment capital partners and existing investors to support it growth plans.
The company said the proceeds of the investment round will be used to the expansion of its manufacturing capabilities and to provide additional working capital to support its rental business.
In addition to the management team, Magma’s current shareholders are Calgary-based KERN Energy Partners and NES Partners.
Martin Jones, Magma Global’s chief executive, said: “This investment enables Magma to accelerate the expansion of our manufacturing facility, with a fourfold increase in our capability over the next two years to meet the increasing demand for m-pipe.”