The funding has been secured from eight parties, with existing investors Oxford Sciences Innovation (OSI), Parkwalk, Oxford Investment Consultants and the University of Oxford contributing a total of £5.6 million. The remaining amount is made up by GF Piping Systems, a division of Georg Fischer, a Swiss leader in fluid transfer equipment, individual investor Nick Harbinson and companies associated with GK Goh, the Singapore-based investment group.
Neil Poxon, Oxford Flow CEO, said: “To have secured strategic capital at this point in our evolution is a testament to our products and our people. This investment will accelerate our oil and gas new product development and ultimately allow us to rapidly scale up that side of the business across Europe, USA and the Middle East.
“Our axial flow, stemless and multi-phase isolation valve for oil and gas applications is about to commence end-user field trials and we can only see that accelerating as operators look for more cost-effective, emission-free retrofit options in the current market.”
Oxford Flow has re-imagined the actuated valve utilising the latest in sealing and materials technology. Its stemless valve design is unique: instead of a stem and mechanical gearbox, the valve is actuated by a hydraulic piston integrated within the valve body. The innovation is so unique that it has been shortlisted for an SPE Offshore Achievement Award in the Emerging Technology category.
Alun Williams, Investment Director at Parkwalk, added: “Oxford Flow is beginning to revolutionise the valve industry through its ground-breaking technology and exciting commercial strategy. It is precisely the type of transformative company Parkwalk is seeking to support so we are delighted to be part of this latest funding round.”
This funding includes a significant investment by GF Piping Systems, a division of Georg Fischer (GF), into Oxford Flow’s water and industrials business to access its new technology. Oxford Flow will also use this new funding to continue its growth in the water and industrial sectors including scaling up manufacturing and increasing headcount in Oxford, UK and Houston, US.
Read the article online at: https://www.oilfieldtechnology.com/product-news/03062020/oxford-flow-secures-new-investment-to-accelerate-oil-and-gas-product-deployment/