Technology business LUX Assure has received GBP 3.25M to transform the company from a technology development business to a service provider for the oil & gas industry.
The investment comes from ConocoPhillips; Statoil Technology Invest AS; Archangel Informal Investment (Archangels); and the Scottish Investment Bank (SIB), a division of Scottish Enterprise.
LUX Assure’s CoMic™ and OMMICA™ products will form the core of the company post investment. CoMic™ is used to deliver improved corrosion management. Corrosion costs oil companies many millions of dollars each year and CoMic™ enables optimisation of chemicals used for corrosion protection. OMMICA™ offers a simple method to monitor hydrate inhibitors.
Mr. Laurence Ormerod, Chairman of LUX Assure said “This major investment will allow LUX to capitalise on the excellent chemical monitoring products developed by the company. CoMic™ and OMMICA™ products have been very well received by the industry so this seems to be an appropriate time to dedicate the company to growing sales, both within the UK and overseas. We are delighted to have ConocoPhillips and Statoil as new shareholders.”
Since 2010 Archangels, Scotland’s largest provider of business angel funding has, along with SIB invested GBP 800,000 in LUX Assure, after identifying significant promise in the company’s plan to focus on the oil and gas industry.