Pump technology firm wins £1m backing
A pump technology firm has secured more than £1 million of funding to develop a system aimed at helping oil and gas firms maximise returns.
Stirling-based WAVELIFT has raised the funding in a round led by Scottish business angel investment syndicate, Archangels, with co-investment from Scottish Enterprise and a private investor.
WAVELIFT, founded in 2016, has developed innovative artificial lift pump technology to help the offshore sector increase the flow of crude oil, water or gas from a production well.
Steve Bruce, a former chief executive of Darcy and Schlumberger who heads the firm along with Simon Munro, who used to work with the Business Growth Fund, 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 positioned to take advantage through our innovative artificial lift products. Having this funding support will allow us to continue to grow and commercialise our business.”
Niki Mckenzie, investment director at Archangels, said: “WAVELIFT’S product is innovative and unique and it has gained positive feedback from some major players in the sector.”
Archangels now has more than 80 investor members and leads investment of around £15m per year in early stage Scottish companies, including backing from partners, the largest being the Scottish Investment Bank.