Two Aberdeen-based start-up companies which have developed technologies aimed at saving the oil and gas industry money have been awarded £140,000 in Scottish EDGE funding.
Brothers Ed and Richard Nimmons, of Dry Ice Scotland, secured £100,000 worth of funding, while Tristam Horn, of Deepwater Oil Tools, was awarded £40,000 at a live business pitching event.
Scottish EDGE is a £1.27 million fund which aims to support and encourage entrepreneurial activity within Scotland. The fund is managed by The Hunter Foundation and the Royal Bank.
Twenty-two of Scotland’s most promising entrepreneurs pitched their businesses to an expert panel of judges in order to win up to £100,000 each in grant funding and loans. The panel of judges, which was chaired by Lord Smith of Kelvin, chose 15 businesses as winners on the day, including Dry Ice Scotland and Deepwater Oil Tools.
Both Ed and Tristam recently completed the intensive Accelerator Programme, which is run by Aberdeen-based social enterprise Elevator.
Ed Nimmons of Dry Ice Scotland, described the Scottish EDGE funding as ‘transformational’ and said it will be used to build the Aberdeen-based company’s revolutionary new equipment, which is aimed at the oil and gas and petrochemical industries. The first such equipment of its kind, it will very quickly be put to use on long term trials in the UK.
He explained: “Our latest product can be deployed anywhere in the world, including offshore and remote sites. We use frozen pellets of carbon dioxide for blasting to remove corrosion, coatings and other contaminants, so it is environmentally friendly.
“Dry ice blasting creates zero waste, resulting in saving time and money compared to conventional means. It’s also safer and is carbon neutral because the CO2 we use comes from recycled sources.
“We applied for Scottish EDGE funding to enable the development of our new product, which can save the industry hundreds of thousands of pounds in maintenance costs and reduce the carbon footprint of our customers. Finding suitable funding streams when developing new products in a niche sector can be difficult, so Scottish EDGE is an invaluable resource for companies like us.
Meanwhile, Deepwater Oil Tools has developed SeaCure® Cementing, a cost-efficient service for the oil and gas drilling industry, which makes cementing operations for well construction quicker and with less risk, while also making subsequent drilling runs significantly faster.
Business Director Tristam Horn said that he applied for the Scottish EDGE funding in order to help build a business development team to assist with client engagement and supporting the numerous service enquiries from drilling operators.