US-based gas-compression developer Upwing Energy has raised $20.7m from investors including Equinor Technology Ventures, the corporate venture capital subsidiary of energy company Equinor.
The company revealed the participation of Equinor and investment firm Cooper and Company two weeks ago without disclosing the size of the round, which was revealed by a securities filing this week that stated the round included four participants.
Founded in 2016, Upwing is developing a downhole gas compressor designed to increase the production and recovery of gas from wells.
The capital from the round will be used to develop the company’s Subsurface Compressor System (SCS), with Equinor set to help with the commercialisation of the product.
Pandurang Kulkarni, principal researcher at Equinor’s research and technology group, said: “For oil wells, we have electrical submersible pumps (ESPs), but for gas wells there are few options available to improve the drawdown.
“Upwing’s SCS could mean a step change for increased production and regularity from natural gas wells.”