Funding for Gateshead firm’s pipe dream
Article Date: Aug 28 2008A northeast-based pipeline inspection company is set to continue its international growth after securing a six-figure investment. Durham Pipeline Technology, which already has distributors and agents in the Middle East, North America and Australia, will use its £500,000 windfall to expand its network further.
The funding comprises £300,000 from NorthStar Equity Investors’ co-investment fund with £200,000 provided by existing investor Enterprise Ventures and Durham Pipeline’s senior management.
The proceeds will be used to develop the company’s tool stock designed to inspect and clean pipelines in the oil and gas industry. It will also fund the recruitment of a team of design engineers and project managers.
Durham Pipeline’s management decided to raise fresh funding to take advantage of the growing global demand for energy.
The company was established in 2003 as a spinout from Durham University and currently has a team of 12 at its Gateshead headquarters.
