(Trondheim/Stavanger 22nd August 2019) ProVenture and Investinor brings Chevron, one of the world’s largest oil and energy companies, on board as investor in early stage company Well Conveyor.
– It is an important task for Investinor to serve the role as foreign investor’s gateway to the Norwegian venture market. We are therefore very pleased to share the news that such a sizeable and renowned player as Chevron has joined the consortium in Well Conveyor, says John-Arne Hørløck, Investment Director at Investinor.
Well Conveyor is an early stage investment in which Investinor works closely with ProVenture. Investinor first invested in Well Conveyor in March 2018. Chevron is together with Investinor and ProVenture participating in a 15.7 MNOK equity round. Following the transaction, ProVenture, Investinor and Chevron will own 22.5 percent, 10.6 percent and 5.7 percent of the company respectively.
– Investinor has a good partnership with ProVenture and we are very content with the way they have handled this process, Hørløck further adds.
Well Conveyor is developing a cost efficient, slim well conveyance designed for current downhole technology. The tractor’s sole energy source is batteries.
– Range has become an increasingly important theme in North-America as the number of horizontal wells is growing and horizontal sections are extending. Well Conveyor’s technology gives operators a method for cost efficient data gathering in wells that would otherwise be unreachable today, says Frederik Hvistendahl, Senior Partner at ProVenture.
Well Conveyor is currently located in Bryne but plans to open a subsidiary in Houston during the 3rd quarter of 2019.