Zilift, a UK-based developer of artificial lift systems, has raised an undisclosed equity investment from Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of Saudi Aramco, the Saudi Arabian national oil company.
In May 2012, corporate-backed Energy Technology Ventures and US-based oil and gas company Chevron’s corporate venturing unit helped Zilift 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. 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,
Ibrahim Buainain, Chief Executive Officer of SAEV, said: “Reliable and easily deployable artificial lift systems are a priority area of technology development for Saudi Aramco. We believe that Zilift’s technologies offer potential for substantial time and cost savings in artificial lift deployment and the potential for substantially enhancing the output from large numbers of producing wells. We are delighted to become an investor in the company”.
Iain Maclean, CEO of Zilift, said: “This additional investment from SAEV, as well as ongoing support from existing investorsEnergy Technology Ventures – a GE-NRG Energy-ConocoPhillips venture – Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor, provides us with the resources to forge ahead with product development to achieve commercialisation.”
Zilift was established in May 2009.
SAEV was established in 2012 as a wholly-owned subsidiary of Saudi Aramco.