Epi-V Invests in Norwegian Firm i-Tec
Epi-V has completed its second deal in a month, a £3.5 million investment in Norwegian firm i-Tec.
Epi-V has invested £3.5 million for a significant minority stake in i-Tec. The deal will provide the funding and strategic guidance required to continue fully commercializing and marketing the business' technology.
The company recently opened sales offices and service facilities in Aberdeen and Houston and will now focus on establishing these international sales channels in addition to further developing its manufacturing capability.
i-Tec is the second business Epi-V has backed in a month to emerge from Leading Edge Technology Park, a Norwegian business incubator focused on developing early stage oil and gas technology.
Last month Epi-V invested £4.5 million in Petrotools, a manufacturer of advanced coiled tubing, wireline intervention and drilling tools used in the well production process.
Epi-V was set up in 2007 to bridge the emerging funding gap for innovative new technology businesses in the oil and gas sector.
"i-Tec blends new technology with tried and tested drilling and well intervention engineering to create a suite of products with far superior performance to incumbent solutions," Nigel Leggett, the Epi-V partner who led the investments in i-Tec and Petrotools, said. Management will be drawing on Epi-V’s sector knowledge and funds to help build the business' manufacturing, operational and marketing capabilities to ensure it fully capitalizes on this high demand."
"The team has worked hard to ensure the technology delivers proven benefits and now is the ideal stage in the our development to bring on board the Epi-V team and drive market penetration across the globe," Roger Antonsen, Technical Director at i-Tec, said. "We’re looking forward to pooling our technical knowledge and industry understanding to ensure we build a successful firm which continues to develop innovative new technologies and solutions."
"i-Tec boasts a team with unparalleled technical knowledge and a pedigree of delivering successful products for a wide range of international oilfield companies," Per Gunnar Vigre, CEO of Leading Edge Technology Park, said. "This is the second organization to emerge from Leading Edge Technology Park which has attracted investment from Epi-V. The fund is unique and ideally suited to the businesses we incubate as it combines a management-focused approach to investment with an unparalleled level of experience of building successful companies in the sector."