Edinburgh-based oil and gas technology firm LUX Assure has secured a £2.4 million investment to accelerate strategic growth and roll out its internationalisation plans and further key technology developments.
The funding was provided by Chevron Technology Ventures, Conoco Phillips, Statoil Technology Invest, Archangel Investors and the Scottish Investment Bank.
This investment will fund further development of LUX’s technologies CoMic™ and OMMICA™, both of which are involved in oil and gas anti-corrosion and flow assurance processes.
These solutions potentially offer significant time and cost savings to operators, whilst also contributing to enhanced production efficiency.
Laurence Ormerod, Chairman, LUX Assure, commented: “Securing this investment demonstrates confidence in our ability to develop and deliver innovative technologies to the oil and gas industry. We are delighted that the potential of our range of products and services has been recognised once again within the industry.”
LUX Assure was originally established as a technology house, conducting research and development for a variety of industries before going on to specialise in oil and gas. In 2010, £400,000 of funding from Archangels and the Scottish Investment Bank’s Co-Investment Fund was secured, which allowed LUX Assure to begin field trials for a number of its technologies.
In 2013, the company raised a further £3.25 million investment which was used to transform LUX Assure from a research and development company into an oil and gas service provider.
This latest round of funding will further secure a pipeline of new technology and exciting product developments, such as the planned introduction of an integrated corrosion management and chemical optimisation solution which will have CoMic™ as the central technology platform.
David Ovens, Chief Operating Officer, Archangels, said: “Archangels is delighted to be able to continue to support LUX Assure with its technology development and growth strategy. The quality of the current investor group in LUX is testament to the strength of the company’s management and its innovative product offering.”