Funding boost for engineer
£1m helps WaveLIFT drive oil innovation
The funding is led by Scottish business angel investment syndicate, Archangels with co-investment from Scottish Enterprise and a private investor.
Based in Stirling, the company was launched last year and its technology is now used in 90% of wells requiring the use of an artificial means to increase the flow of crude oil, water or gas from a production well.
The firm is led by industry veteran, Steve Bruce, formerly chief executive of Darcy and Schlumberger, in partnership with Simon Munro, formerly of Business Growth Fund (BGF) and equity firm Lime Rock Partners, where he was chairman.
The funding will be used to develop the technology and address demand from the conventional and unconventional oil and gas markets,
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.
“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.”