LUX Clinches Funds to Further O&G Technologies
LUX Assure, a research and development company specializing in chemical monitoring technologies for the oil and gas industry, has secured a further £400,000 of investment to commercialize its range of technologies and support further activities in Aberdeen.
Originally established as a technology house conducting research and development for a variety of industries, the company enjoyed significant success working with a number of major oil companies and has now streamlined its approach to focus solely on delivering solutions to the oil and gas industry.
The majority of the firm's products use light-based detection methods to monitor production chemicals including scale, corrosion and hydrate inhibitors in both water and hydrocarbons.
The funding, which has been secured from Archangels and the Scottish Enterprise Co-Investment Fund, has allowed the R&D firm to begin field trials of its technologies; beginning with its LUX Tracer™ technology.
Tracers are commonly used to enhance oil recovery and monitor the flow of fluids within the reservoir; however they often have a poor environmental profile and can be radioactive. LUX Tracer™ is a portfolio of non-radioactive, environmentally friendlier chemical tracers which are simple to detect at low levels using handheld equipment and so provide opportunities for onsite analysis.
Emma Perfect managing director and chief scientific officer of LUX Assure said, "The majority of the R&D team at LUX have a background in the life sciences and pharmaceutical sectors. Applying a bioscience approach to oil and gas related problems allows us to come up with novel solutions which we feel can be of real value to the industry.
"The injection of funds has enabled us to restructure the business focusing all of our attention on developing technology specifically for the oil and gas industry. LUX Tracer™ is the first product which we have taken to the field, making it a very exciting time for our business and we are looking forward to trialing our other technologies in the coming year."
The funding for field trials was secured through Scotland's largest angel group, Archangels. John Waddell, chief executive of Archangels, said, "We are excited about the further development of LUX and its products, which we hope will not only be environmentally but also commercially enticing for the oil and gas sector."
Lux Assure, which is headquartered in Edinburgh, has established a new office at Westhill, Aberdeenshire.
Ms Perfect continued, "It is important for us to build close relationships with firms operating in the oil and gas industry and opening an office in Aberdeen will help to strengthen our position in this marketplace."