Aberdeen-based energy investment specialists Simmons Energy, a Division of Piper Jaffray, has been appointed by Oxford Flow to raise strategic capital for its ambitious growth objectives across the oil and gas sector.
The funding is to be used to accelerate deployment of its highly innovative flow control valve technology into multiple energy and industrial markets and represents the most significant development in this field in the last 100 years. Simmons Energy’s Aberdeen office will lead the multi-million-pound capital raise.
Oxford Flow CEO, Neil Poxon, said: “We have produced the world’s first 100% polymer valve body for water applications and an oil and gas valve which eliminates the need for a mechanical actuator or diaphragm, reducing leak paths and other failure modes. Our valves offer significant operational and reliability advantages over traditional oil and gas valves. We believe this capital raise will allow us to bring its many benefits to more customers, faster.”
Poxon hails from the oil and gas sector, having worked in the industry for almost 30 years. This included Managing Director at the oil and gas Industry Technology Facilitator (now part of the Oil and Gas Technology Centre) where he led its transformation from a not-for-profit organisation, to one of the most respected supporters of oil technology worldwide.
Designed by Oxford Professor Tom Povey, now the company’s CTO, Oxford Flow’s valves are utilised in water networks worldwide and this latest announcement comes after the technology has been successfully trialled and deployed by a major UK gas distributor. Early traction for oil and gas applications has also been made with a leading international operator describing Oxford Flow’s technology as “game changing” with multiple avenues for deployment within their upstream operations.
Mike Beveridge, Managing Director at Simmons Energy – A Division of Piper Jaffray – adds: “We have built a relationship with Oxford Flow over the last 18 months and are excited to be working with the company on this important finance raise. Oxford Flow’s range of proprietary new valve designs can be a game changer for the water and hydrocarbon processing industries and we look forward to helping them secure substantial new capital to support the continued development and commercialisation of the products.”
Poxon continued: “Our first hydrocarbon application has already proven that these valves offer significant improvements in performance and reliability. We’re ready to bring that offering to the oil and gas sector.
“With minimal moving parts, our valve requires little maintenance – reducing asset downtime and costs.”
Read the article online at: https://www.oilfieldtechnology.com/product-news/06032019/valve-technology-company-kicks-off-multi-million-pound-capital-investment-round/
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