Corporate-backed Energy Technology Ventures and US-based oil and gas company Chevron’s corporate venturing unit have helped Zilift, a Scotland-based oil and gas lift company, raise £4m ($7m).
Energy Technology Ventures as well as Chevron Technology Ventures were joined in the round by Jebsen Asset Management, which invests on behalf of the Kristian Gerhard Jebsen shipping company, and venture firms Energy Ventures, Viking Venture, and Investinor.
Zilift was set up in 2010. It has 28 staff.
Energy Technology Ventures is backed by US energy corporates ConocoPhillips Technology Ventures and NRG Energy and GE Energy Financial Services, part of the US-based industrial conglomerate,
Kevin Skillern, GE Energy Financial Services’ managing director of venture capital and a representative of Energy Technology Ventures, said: "ZiLift represents Energy Technology Ventures’ first investment in Europe and fourth in the oil and gas technology sector. We are providing vital funding and critical technical support to help achieve commercialisation. ZiLift is a great example of what we look for in our investments — providing a game-changing innovation in a big market, with a skilled team."
George Coyle, ConocoPhillips Technology Ventures’ manager of investments and a representative of Energy Technology Ventures, said: "We are excited about the progress that ZiLift has made, and our ability to leverage our sector expertise in upcoming field trials and commercialisation efforts."
ZiLift is working on joint development programmes with ConocoPhillips, Chevron and an unnamed Middle East oil and gas operator.