ZiLift, an Aberdeen, Scotland, UK-based provider of artificial lift solutions for the oil and gas industry, has received a £4m (approximately US$7m) growth capital investment.
Backers include Energy Technology Ventures – a GE-NRG Energy-ConocoPhillips venture – and existing investors Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor.
The company intends to use proceeds from the investment to complete product development and start commercializing its technologies for the artificial lift market.
Established in May 2010 and led by and CEO Iain Maclean, ZiLift is pursuing joint development programs with oil and gas companies such as ConocoPhillips, Chevron and a major Middle East oil and gas operator.
The company currently employs 28 people.