CALGARY, Alberta--(BUSINESS WIRE)--Please replace the release dated November 9, 2021, with the following corrected version due to multiple revisions.
The updated release reads:
INTERFACE FLUIDICS RAISES $6.7 MILLION IN INVESTMENTS, ACCELERATING THE DEPLOYMENT OF WORLD’S FIRST COMPACT, RAPID FLUID TESTER
The latest venture capital financing underscores Interface Fluidics’ role as a tech innovator, supporting emissions reductions in the oil and gas industry
Calgary-based technology company Interface Fluidics has secured $6.7 million CAD ($5.4 million USD) from five investors to support Interface Fluidics’ technological innovation, which will revolutionize sampling collection and testing for the oil and gas industry. This technology platform will make collecting the data required to reduce freshwater and chemical consumption uniquely accessible by providing an exponentially faster, on-demand approach.
Interface Fluidics was founded in 2015 with the goal of revolutionizing how oil and gas companies think about fluids, both their impact on business decisions and the environment. This has led to breakthroughs for their customers when optimizing exploration and production strategies, and helped companies reduce their environmental impact. This is the third and largest financing round since the company was founded, with more than $11 million USD raised in total.
This latest investment was led by Equinor Ventures, a demonstrated leader in the energy transition, being the first offshore producer to electrify operations in their newest fields. Equinor, together with partners Shell and TotalEnergies, is also developing Northern Lights, the world’s largest Carbon Capture and Storage (CCS) project. This financing will allow Interface technology to be put in the hands of clients in the field or the lab, cutting down on the shipping of hazardous chemicals and ensuring much faster test results.
“Equinor Ventures is excited to further strengthen the relationship with Interface Fluidics and support the development of their potentially game-changing fluid analysis platform. Their technology could support the management of our existing oil and gas assets and shows potential for applications in carbon emissions reduction,” says Gareth Burns, Vice President of Equinor Ventures.
“Bringing in these foreign investments allows us to grow our team here in Alberta, potentially doubling the number of staff we currently have,” says Stuart Kinnear, Co-Founder and CEO of Interface Fluidics. “It’s a true vote of confidence in Canada’s ability to commercialize innovative technology.”
This investment will help Interface customers reduce emissions and costs. Which comes at the perfect time, considering the recent COP26 announcement for greenhouse gas emission caps for the oil and gas industry. On the impact of this investment, Kinnear says, “This additional capital will accelerate Interface Fluidics’ development of the industry’s first truly accessible fluid property analysis technology. It is another step toward our vision of helping to lower emissions in oil and gas through better data and smaller sample sizes."
The latest round of funding further cements Interface Fluidics’ position as a company that challenges the status quo and is leading the oil and gas sector with cutting-edge solutions-based technology. This once-startup now provides their services to major producers including Suncor, Equinor, Total, Cenovus, BP, Ovintiv, Saudi Aramco, and Petroleum Development Oman.
For more information about Interface Fluidics, please visit www.InterfaceFluidics.com
About Interface Fluidics:
Interface Fluidics is facilitating a net zero energy industry and the conservation of finite resources with fluid testing that is cost effective, rapid, and repeatable – and at higher pressures and temperatures. By providing more and better data, Interface is helping reduce emissions and increase efficiencies with visual insights at the microscopic level. The innovative, proprietary technology created by Interface Fluidics provides results that can increase ROI, reduce chemical costs, and take the guesswork out of operations.
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