HALFWAVE TECHNOLOGY AND MARKET POTENTIAL SECURES SHELL INVESTMENT
Halfwave, a Norwegian based service company, specialising in Acoustic Resonance Technology (ART), announces it has successfully completed an additional funding round led by Shell Technology Ventures (STV)
Halfwave’s proprietary ART inspection technology has provided a step change for the oil and gas industry, by providing cost efficient inspection solutions improving the technical safety of operator’s infrastructure.
Halfwave’s current products include ground breaking pipeline and subsea inspection systems, which provide unique value added solutions for oil and gas operators. The core sensor technology platform that has supported the pipeline and subsea solutions is set to enter new fields of operation with several exciting developments planned over the next few years.
The additional funding injection from STV and the University of Texas Investment Management Company (UTIMCO) and will support growth for Halfwave’s present pipeline and subsea services and pave the way for further inspection application developments within new business areas.
Halfwave has made significant steps since Energy Ventures and Chevron Technology Ventures facilitated the start-up of the company in 2012. Over the past four-and-a-half years Halfwave has fully commercialized the most mature products of ART internal pipeline inspection tooling that performs both in liquids and gas. The system, commonly known as the ART Scan™ is widely recognized as the game changer in this market segment providing high quality inspection with market leading robustness and flexibility.
The second commercialized service is the ARTEMIS™ system, which is an advanced subsea ROV deployed system that has overcome the challenge of inspection of coated subsea pipelines. The ARTEMIS™ provides the industry with a cost effective and highly accurate solution for inspection of subsea pipelines and risers.
“We have conducted a pilot using Halfwave’s ART system and are intrigued by its high degree of execution capability,” said Geert van de Wouw, Managing Director of STV. “Halfwave’s versatile platform may also provide interesting expansion opportunities.”
Halfwave Chairman Einar Gamman commented: “We are excited to work with a strategic investor who understands the business value and competitive advantage of Acoustic Resonance Technology and the need to have this unique solution widely available to the market. STV recognizes the need for preventive maintenance enabled by improved and flexible inspection systems that Halfwave offers through the ART inspection platform”.
About Shell Technology Ventures
Shell Technology Ventures is the corporate venture capital arm of Royal Dutch Shell plc (“Shell”). With major offices in Europe and the USA, STV invests in technology companies to enhance the development of new technologies that have the potential to create substantial deployment value in Shell. Continuing Shell’s tradition in venture capital since 1997, STV’s investment focus includes oil & gas technologies, renewable energy technologies and business models and IT. STV co-invests with other corporate investors, venture capital funds and angels and will invest in both early stage and late stage (growth capital) companies. . For more information, visit www.shell.com/techventures
Halfwave is a Norwegian based service company that develops and operates game changing inspection services to the oil and gas industry. Key to Halfwave's offering is the Acoustic Resonance Technology. Several new and exciting inspection services have been successfully commercialized within the fields of internal pipeline inspection and subsea inspection. The company’s core value is technology, and the Halfwave team is committed to provide our clients with high quality services delivered with technical excellence and integrity.
Tel. + 47 97 111089