Norwegian state-owned oil company Statoil, and Aarbakke Innovation, an engineering subsidiary of oil and gas turnkey services provider Aarbakke, have purchased a 35% stake in Norway-based fluid control technology provider TechInvent.
TechInvent is the creator of FluidCon, a chemical injection valve which provides both fluid control and real-time monitoring.
The parties have not disclosed the size of the investment in TechInvent, but Statoil provided its share through Statoil Technology Invest, its corporate venturing arm.
TechInvent previously received an undisclosed amount of funding through Statoil’s Loop programme, which backs companies developing technology with a direct link to Statoil’s own operations.
The company’s remaining investors are its founding partners: venture capital firm Ipark and FluidCon investor Alf Egil Stensen.