Netherlands-based thermoplastic composite pipe (TCP) equipment provider Airborne Oil and Gas secured €23m ($25.5m) yesterday in a series C round that included a €10m investment from energy and petrochemical company Saudi Aramco.
The investment was made through Saudi Aramco’s corporate venturing arm, Saudi Aramco Energy Ventures (SAEV).
Other investors were not disclosed but Airborne’s existing investors include chemicals producer Evonik and oil and gas companies Shell and Chevron, the latter through its Chevron Technology Ventures unit, as well as HPE Growth Capital, Pangaea Ventures and Adveq.
Airborne produces non-metallic composite pipe products for the oil and gas industry. The funding will support company growth, with product development and an expansion in Airborne’s manufacturing capacity and sales team identified as priorities.
Majid Mufti, chief executive of SAEV, said: “Corrosion in midstream infrastructure is a global problem; Airborne Oil and Gas’ product offering is highly compelling to the oil and gas industry and to Saudi Aramco.
“We look forward to working with the AOG team to further develop the company’s already unique offerings and to growing the business.”
Corporate venturing units Shell Technology Ventures and Evonik Venture Capital had combined with HPE, which had provided €9m for Airborne in 2010, and Pangaea Ventures for a round that totalled €10m as of December 2015.
Chevron Technology Ventures invested an undisclosed amount in the company the following month, though it is unclear whether the funding represents part of the series C round.
– Image courtesy of Airborne Oil and Gas B.V.