Aberdeen oil services company ZiLift revealed yesterday it had received growth capital investment of £4million from new and existing investors.
A new lead investor is Energy Technology Ventures and it joins Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor.
ZiLift develops technologies for the artificial lift market, which is estimated to be worth billions of pounds. The firm said proceeds from this investment round will assist in completing product development and achieving commercialisation of its technologies.
Chief executive Iain Maclean said: “There is a great deal of interest in our technologies and this additional funding provides us with the resources to forge ahead with product development to achieve commercialisation.
“Testing of our prototypes is now in its final stage and we are currently planning to start field trials in the second half of 2012.”
ZiLift chairman Stuart Ferguson said: “Artifical lift technologies are currently utilised in 80% of all oil wells worldwide. Gas well de-watering and heavy oil are emerging markets and are set to grow to multibillion-dollar mainstream markets.
“We are confident ZiLift can become the industry standard in these markets.”
ZiLift was set up in May 2010 and has 28 staff.