Aberdeen-based artificial lift service business ZiLift has netted £4 million of new investment in a round including backers Energy Technology Ventures.
ZiLift, which provides services to the oil and gas industry has secured support from Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor, as well as lead partner Energy Technology Ventures.
The proceeds of the round will be used by ZiLift to complete product development and push on with the commercialisation of its technologies.
Stuart Ferguson, chairman of ZiLift, comments, ‘Artificial life technologies are currently utilised in 80 per cent of all oil wells worldwide.
‘Gas well dewatering and heavy oil are emerging markets and are set to grow to multi-billion dollar mainstream markets. We are confident ZiLift can become the industry standard in these markets.’
ZiLift’s commercial programs include joint development agreements with ConocoPhilips, Chevron and oil and gas operators in the Middle East.
Kevin Skillern, managing director of venture capital at GE Energy Financial Services and representative of Energy Technology Ventures, says that the deal is the first European investment for Energy Technology Ventures, and its fourth in the oil and gas sector.
He adds, ‘We are providing vital funding and critical technical support to help achieve commercialisation.
‘ZiLift is a great example of what we look for in our investments – providing a game-changing innovation in a big market, with a skilled team.’