Passive well integrity monitoring firm Sentinel Subsea has secured an investment from Alba Equity and Scottish Enterprise as it continues to develop its technology for the monitoring of subsea wells.
Founded in 2018, Sentinel Subsea has developed WellSentinel, described as a unique method of monitoring and managing the integrity of subsea wells, wellheads and xmas trees.
"Without the complexity of active power or data communication, Sentinel Subsea offers a proven method of long-term remote well integrity monitoring," the company said.
With successful field trials already carried out, Alba Equity's investment comes at a pivotal stage of the company's development strengthened by the recent appointment of Ray Riddoch OBE as chairman, the company said.
Commenting on the investment, Neil Gordon, CEO, Sentinel Subsea said: "We are delighted to have secured this funding from Alba Equity along with the support from their highly experienced syndicate members. We know our technology has vast benefits for the industry including large cost savings and a reduced emission footprint - this investment will allow us to continue our vital work towards eliminating risks associated with maturing infrastructure and extend the life of the subsea facilities."
Alba Equity is an investment syndicate based in Aberdeen that focuses on high growth businesses that are developing unique and patented technologies.
"The investment and expertise Alba Equity brings will support the growth and development of Sentinel Subsea which in turn, has vast benefits for the wider subsea sector," Sentinel Subsea said.
John Duncan, Alba Equity, said: "We are delighted to support
Sentinel Subsea with its next stage of growth both with the
investment and introduction of Ray who will bring a wealth of
knowledge to the team. We believe the solutions that Sentinel has
developed address an urgent requirement for the continual
monitoring of subsea wells as well as an essential commitment to
environmental integrity as the industry focuses on the energy
transition. There is no other technology that provides asset
operators the assurance that Sentinel's system gives. We are
excited to be part of the next stage of growth for the business
and support the Sentinel team."
Kerry Sharp, Director of Growth Investments at Scottish Enterprise, said: "Scottish Enterprise has supported Sentinel Subsea in a number of ways since its inception during our 2018 Grey Matters entrepreneurship programme. Our contribution to this latest funding round demonstrates our continued confidence in the company's innovative technology and high-growth potential, which we believe will ensure it plays an important part in Scotland's energy transition."