UK-based corrosion prevention company Lux Assure has raised £3.25m ($5m) from a corporate venturing-led consortium to “transform the business from a technology development business to a service provider for the oil and gas industry”.
US-based oil major ConocoPhillips, Norway-based peer Statoil’s Technology Invest unit, angel network Archangel Informal Investment, and the Scottish Investment Bank (SIB), a division of state-owned Scottish Enterprise provided the £3.25m.
Since 2010, Archangels and SIB have invested £800,000m in Lux, a division of Lux Innovate, and the company, along with Heriot-Watt University, in November gained £73,000 from the government-backed Technology Strategy Board to test the feasibility of a novel technology for monitoring produced water for reinjection.
Laurence Ormerod, chairman of Lux, which last year said it wanted to hire a chief executive and raise £2m to £3m, said: “This major investment will allow Lux to capitalise on the excellent chemical monitoring products developed by the company.…
