US-based energy optimisation service provider Stem secured funding from energy company Exelon and petroleum producer Total, enabling it to close a $27m series C round. Founded in 2009 as Powergetics, Stem’s cloudbased system links big data and predictive analytics with an advanced battery system, allowing businesses to source energy outside peak times and reducing their electricity costs. Total, which invested through its Total Energy Ventures unit, also intends to partner Stem to help it expand internationally. It has now raised approximately $40m in total equity and debt.
Hicor Technologies, a US-based developer of compression technology for oil producers formerly known as Oscomp Systems, has secured $4.5m from backers including VC firm Energy Ventures, according to a regulatory filing. Hicor has now raised $12.1m across three rounds, according to regulatory filings, from investors including Chevron Technology Ventures, the oil company’s corporate venturing unit, and Mertz Holdings.
Avenisense, a France-based embedded sensor manufacturer, raised €2.5m ($2.7m) from investors including Total Energy Ventures, Aliad, the investment unit of France-based conglomerate Air Liquide, as well as investment firms Demeter Partners and BPIfrance. Avenisense makes fluid property sensors for various industries, including refining, chemistry, wind and conventional power. It allows oil and gas companies to analyse quality.
Oil and gas IT technology supplier Schlumberger invested an undisclosed sum in Canada-based nano-crystalline cellulose producer CelluForce as part of a collaboration to apply CelluForce’s technology to the oil and gas industry. Canadian state-backed fund Sustainable Development Technology Canada also recently provided $4m in funding for the company.
Paradigm Drilling Services, a maker of drilling and intervention technologies, raised an undisclosed sum from Saudi Aramco Energy Ventures (SAEV), which joined investment firm Buckthorn Partners in backing the company. Paradigm’s technology is used both in the conventional and unconventional oil and gas sectors.
Target Intervention, a Norwegian well technology company, was also backed by SAEV. Target Intervention is developing intelligent coiled tubing tools designed to increase recovery and productivity from oil and gas wells. The SAEV investment is to support further development and commercialisation of Target’s technology, ahead of field trials.
Resman, a Statoil Technology Invest-backed maker of chemical tracers that allow operators to determine where and how much oil and water enter wellbores, was sold to private equity firm Nordic Capital. Statoil Technology Invest backed Resman in 2005 and the company has revenues of more than Nkr210m ($27.5m).
Statoil Technology Invest secured a 16-times return on its initial investment. Other backers included Sintef Venture, the venturing arm of research organisation Sintef, originally spun out of the Norwegian Institute of Technology, and venture capital firm Verdane Capital.