Well Conveyor Announces Investments from Chevron Technology Ventures, ProVenture and Investinor
Bryne, Norway, 21 August 2019,
Well Conveyor AS, a Norwegian downhole technology company, has received equity investment from Chevron Technology Ventures (CTV), a division of Chevron U.S.A. Inc. Combined with additional investments from existing investors ProVenture and Investinor, the company raised 15.7 MNOK ($1.8 M). The money from this financing round will support the qualification and commercialization phases for the company’s innovative Slim Battery-powered Conveyor.
The Slim Battery-powered Conveyor will be the smallest diameter downhole tractor available on the market, offering access to the increasing number of slim, horizontal and highly deviated wells which up to now have not been serviceable with wireline type conveyance. The Conveyor has been optimized for running on batteries, with an efficient electro-mechanical design, allowing for extended tractoring distances of more than 15,000 feet. Not being dependent on power and communication from the surface allows operators greater flexibility and lower priced conveyance alternatives. The Conveyor has been designed for simplified operations and reduced maintenance, enabling the service to be provided by the regular wireline / conveyance providers. This translates into less interfacing and manpower being needed for operations.
Well Conveyor was founded in 2015 by Kenneth Fuglestad to pursue the development of a novel downhole tractor that would be more cost-effective, slimmer, simpler to operate and more power efficient than existing offerings, allowing for the utilization of downhole battery power. Early support came from angel investors, the Research Council of Norway and Innovation Norway, which took the company through the concept, feasibility and early development phases for the Conveyor. ProVenture and Investinor invested in the company early 2018, and Chevron Technology Ventures (CTV) invited Well Conveyor to participate in its Catalyst Program. CTV’s Catalyst Program was created to support early-stage companies advancing cutting-edge technologies that can directly benefit the oil and gas industry. These relationships provided the means to advance the development and qualification phases and to expand the organization. Well Conveyor has carried out extensive in-house qualification testing of the technology and is now preparing for first field trials in the US. The patented Slim Battery-powered Conveyor will serve as a platform for additional innovative and cost-effective conveyance solutions to be developed by the company.
“We have greatly appreciated the support from Chevron Technology Ventures since we were accepted to the Catalyst Program early last year,” said Jan Vader, CEO of Well Conveyor. “We are excited and honored to further strengthen the relationship through this equity investment, and continue the successful cooperation with Chevron Technology Ventures, ProVenture and Investinor as we transition from the development phase to the commercial phase of the company.”
About Chevron Technology Ventures
Formed in 1999, Chevron Technology Ventures (CTV), operating as a division of Chevron U.S.A. Inc., pursues new business solutions and externally-developed technologies that have the potential to enhance the way Chevron produces and delivers affordable, reliable and ever-cleaner energy. CTV fosters innovation, supporting vibrant startup ecosystems and championing technology integration internally. Through its investment portfolio and internal use pipeline that trials technologies for use within Chevron, CTV has supported a wide range of pioneering companies that are helping to shape the future of energy.
ProVenture is a nationwide leading seed- and early-stage investor fund, based in Trondheim and Stavanger. ProVenture focuses on investing in Norwegian technology companies with international potential, and provides capital and competence to accelerate growth for the companies in their portfolio.
Investinor is an evergreen investment company owned and funded by the Norwegian government. It invests in highly competitive and promising unlisted (private) Norwegian companies aiming for international growth and expansion. Investinor manages NOK 4,2 billion (MEUR 470) and invests on the same terms and conditions as private investors, with a clear exit strategy for all investments.
About Well Conveyor
Well Conveyor is a developer and supplier of downhole technology for conveyance and intervention in oil & gas wells. Our mission is simplifying access to challenging wells everywhere. Well Conveyor was founded in 2015 and is based in Bryne, Norway, with a branch opening in Houston Q3-19.
For further information, please contact:
Jan Vader, CEO
M: +47 - 469 43 389
Well Conveyor appoints North America Manager and opens US office
Houston, USA, 6 September 2019,
Well Conveyor is pleased to announce that Arthur H Gibson (‘Art’) has joined Well Conveyor as our North America Manager. Art has broad operational, management and sales experience from Schlumberger Wireline and Impact Selector International. He will take the lead on establishing, growing and supporting Well Conveyor’s business in North America.
Art will be based in our new office in Katy, Texas, conveniently located just off I-10 near the Energy Corridor. Please contact Art on +1 346 302 7811 or firstname.lastname@example.org to learn more about how Well Conveyor can simplify access to challenging wells everywhere.
Our mailing and visiting address for our new office is:
Well Conveyor LLC
1411 Vander Wilt Ln,
Katy, TX 77449, USA