ZiLift has received a growth capital investment of £4 million (US$7 milion) from new and lead investor Energy Technology Ventures – a GE-NRG Energy-ConocoPhillips venture – and existing investors Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor.
ZiLift exclusively develops innovative next-generation technologies for the artificial lift market, a global market estimated to be worth US$6 billion. The proceeds from this investment round will assist ZiLift in completing product development and achieving commercialisation of its technologies.
Kevin Skillern, GE Energy Financial Services’ managing director of venture capital and representative of Energy Technology Ventures, said: “ZiLift represents Energy Technology Ventures’ first investment in Europe and fourth in the oil and gas technology sector. We are providing vital funding and critical technical support to help achieve commercialisation. ZiLift is a great example of what we look for in our investments – providing a game-changing innovation in a big market, with a skilled team.”