2015-17

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.

2018

ProVenture and Investinor invested in the company early 2018, and Chevron Technology Ventures (CTV) invited Well Conveyor to participate in its Catalyst Program, created to support early-stage companies advancing cutting-edge technologies that can directly benefit the oil and gas industry.

2019

Well Conveyor received equity investment from CTV, combined with additional investments from existing investors ProVenture. The money from this financing round will support the qualification and commercialization phases for the company’s innovative Slim Battery-powered Conveyor. Well Conveyor opened its US office in Houston in September in preparation for first field trial jobs at the end of the year.