Investinor and lead investor Proventure invests MNOK 25 in oiltech startup Xsens.
Xsens is based in Bergen, Norway and offers patented technology for measuring flow rates in oil and gas pipelines.
Measurement of flow rates in the oil and gas industry represents a billion dollar market globally. The measuring instruments available on the market today, must either be inserted into the liquid and gas flow, or penetrate the pipe walls to work properly. They are easily disturbed by e.g. scaling (deposits inside the pipes), and their accuracy will deteriorate over time.
Xsens has developed a proprietary technology for measuring flow rates accurately from the outside of the pipes, enabling significant cost reduction, improved technical integrity and long term stability.
The Xsens technology can monitor flow rates in pipelines on the seabed, in process facilities onboard platforms and vessels (where oil, gas and sludge are separated), as well as in onshore processing plants.
─ This investment enables us to grow the company internationally, and to realize an ambitious product launch, says Chairman of Xsens Christopher Giertsen.
─ The main advantage of the Xsens technology is cost savings. Xsens offers solutions with the same accuracy as its competitors, but at a substantially lower price. They are set to grab a significant market share, says Investment Director of Investinor Jan Morten Ertsaas.
─ This is a very exciting company spun out from Christian Michelsen Research (CMR) in Bergen, which has a long tradition of developing world-leading measurement technology for the oil industry. They have once again managed to develop a product that could provide significant savings for the industry, says Managing Partner of Proventure Terje Eidesmo.