A Scottish oil and gas technology firm has been awarded £1million to further develop the use of artificial means to increase the flow of crude oil, water or gas from a production well.
Stirling based WaveLIFT Limited today announced the funding boost, which is led by Scottish business ‘angel investment’ syndicate, Archangels, with co-investment from Scottish Enterprise and a private investor.
The money will be used to take on its innovative Artificial Lift pump technology, which is used in the the oil and gas sector, in both the conventional and unconventional fields.
WaveLIFT was launched in 2016 to develop conceptual down-hole pump designs.
This technology is in high demand with some 90% of wells requiring a form of artificial lift.
WaveLIFT, is headed up by industry veteran, Steve Bruce, formerly chief executive of Darcy and Schlumberger, and Simon Munro, formerly of Business Growth Fund (BGF) and equity firm Lime Rock Partners, where he was chairman.0
Mr Bruce said: “The need for exploiting the world’s remaining oil reserves has never been greater. With increased exploration costs and reduced profit margins forcing operators to maximise returns from existing portfolios, we are well positioned to take advantage of this opportunity through our innovative Artificial Lift products.
“This is an exciting time for WaveLIFT and we are thrilled that our investors are supporting the next stage of our business. Having the funding support of Archangels, the Scottish Investment Bank and private investment will allow us to continue to grow and commercialise our business.”
Niki McKenzie, investment director at Archangels, added: “Archangels’ investors were keen to lead this funding for WaveLIFT who now require support to meet the growing demand for artificial lift products in the oil & gas sector.
“Their product is innovative and unique and it has gained positive feedback from some major players in sector.
“We have been providing growth capital and investing in start-up companies in Scotland for a quarter of a century and we are proud to have WaveLIFT in our portfolio of exciting businesses.”
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