Deal

Energy Ventures provides Red Spider with growth capital

Energy Ventures has, along with Simmons Parallel Energy Fund, invested £7.5 million in the British Energy company Red Spider.  

The investment will be used to both accelerate the internationalisation of the existing Red Spider business and complete the commercialisation and roll out of Red Spiders game-changing Remote Open Close Well Intervention and Completion Technologies.

Red Spider’s Remote Open Close Technology enables remote actuation of downhole valves without the need for well intervention or control lines. This represents a major advancement over currently available downhole flow control equipment and enables significant Rig Time Savings, in particular for Well Intervention & Construction.

Red Spider was established in 2003 and at its custom-built headquarters at Westhill, Aberdeen, it now employs almost 50 people.

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FundEnergy Ventures III LP Argentum share 5.97%
Portfolio CompanyRed Spider
Date of Transaction2010-04-06
TransactionAcquisition
Seller
Buyer
Size of TransactionGBP 7.0m
Ind. FocusEnergy
GeographyUnited Kingdom
StageVenture
 

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