Nfluids this month completed a private round of financing from a group of angel investors and Vancover-based Yaletown Venture Partners.
The Calgary-based startup has developed a proprietary nanoparticle oil and gas drilling fluid additive that reduces fluid losses during drilling, increases lubrication, and strengthens the well bore. According to the Canadian company, these benefits allow operators to reduce the total energy requirements and cost of their drilling process, while also reducing the associated environmental impact.
“This partnership not only provides us with capital but it also adds a partner with considerable market intelligence and industry expertise. We will be utilizing this expertise as we continue to progress towards commercialization,” explains nFluids president David Edmonds. “nFluids is ramping up operations through a series of field tests that will support existing laboratory results and provide additional data to bring the technology closer to market.”
“The worldwide market for oilfield drilling fluids for 2013 is projected to be $7.2 billion, and is looking for new technology to solve some very complex problems,” says Yaletown partner Brad Johns, who will be working with the company. “We are excited to be working with a company that is developing world leading products for such a dynamic and growing market.”
Based on the combined research of Dr. Maen Husein and Dr. Geir Hareland, nFluids was spun out through the University of Calgary launched through Innovate Calgary’s Company Creation program.