Energy Ventures invest in Futuretech
Futuretec, whose innovative technology delivers major benefits in the construction of oil and gas wells, has secured venture capital funding of £4 million from Scottish Equity Partners and Energy Ventures III. The funding is to support an ambitious global growth strategy.
Futuretec products enable clients to achieve impressive results in casing oil and gas wells, reducing risk and maximising operational efficiency. Technology solutions, which deliver enhanced performance in casing operations, are becoming increasingly important against a backdrop of record high oil prices and rising drill rig costs. This creates a significant opportunity for Futuretec.
The company’s products are targeted at the expanding $5 billion global market for completion technology. Its first commercial product, Turboblade, is being used successfully in the North Sea, Middle East and Continental Europe.
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