OIL and gas remote-camera technology specialist EV said yesterday it had secured more than £6million of investment.
It plans to use the money from private-equity firm Lime Rock Partners to commercialise new technology and rapidly grow its business globally.
EV, whose offices include Aberdeen, said it had developed camera and video technology which allows pictures to be taken in remote and challenging environments.
The Norwich-based company has already experienced rapid expansion over the past year, during which it opened premises in Aberdeen and Louisiana.
There are now more than 30 employees, including six in the Granite City.
EV chief executive Francis Neill said: “To secure investment from Lime Rock demonstrates the confidence that they have in EV’s proprietary technology and the business’s potential to significantly grow its international footprint.
“Having identified a niche sector in the market, EV has capitalised on more than 30 years’ experience in TV and communications technology by successfully transferring imaging technology into the oil and gas industry.
“Our innovative technology and service lets customers see what is going on in well bores and on offshore installations down to the seabed.”
Trevor Burgess, managing director of Lime Rock in Aberdeen, said: “Video pictures will eliminate most of the risk in problem diagnosis in wells and they have the potential for replacing a number of widely used services that rely on mechanical and electrical measurements today.”