Epi-V makes first international investment
The Oslo-based business is currently developing technology which increases the efficiency of the oil recovery process for oil sands, a bituminous material which is a mixture of sand, water and heavy crude oil.
Epi-V has taken an 18 per cent stake in Tarblaster and will provide the company with the funding and strategic input required to fully commercialise and market its products.
The business was formed in 2006 by Olav Ellingsen, an entrepreneurial developer of innovative oil-recovery technologies with a distinguished 30-year track record.
His former company, Thermtech, developed a new method for cleansing oil contaminated drill cuttings. The process won first prize at the Environmental Northern Seas Exhibition in 1991 and the NITO Technology Price in 1994.
In 1998 Ellingsen’s Eureka Oil AS business received the Innovation Norway Technology Award for its electro acoustic oil reservoir stimulation technology which can increase oil production by up to four times.
Epi-V’s investment will enable Tarblaster AS to scale up its new technology and begin successfully commercialising it for the global oil sands market.
In Canada’s deposits alone there is estimated to be around 310 billion barrels of oil in accessible reserves, more than the 264 billion barrels contained in Saudi Arabia's entire reserve of conventional crude oil.
Steve Kent, the partner who led the deal on behalf of Epi-V, said: “In the post-peak oil scenario the processing of bituminous material will play an increasingly important role in meeting the world’s energy requirements.
“There are many areas where the current refining process of oil sands can be improved and Tarblaster’s technology has the potential to make a significant contribution.
“We are backing a team with an excellent balance of skills and an innovative and entrepreneurial spirit. They have a proven track record in successfully developing and commercialising disruptive technology and we’ll be working closely with them to ensure Tarblaster meets its growth potential.
“This deal perfectly highlights Epi-V’s proposition. We’re an international investor that combines private equity funding and expertise with market knowledge and the empathy that comes from our personal experience of building technology businesses in the sector.”
Olav Ellingsen, CEO of Tarblaster, said: “The company is entering an exciting period where our technology is approaching full commercialisation.
“By bringing on board Epi-V we’ve secured the backing of an investor with an acute understanding of how best to develop a business in order to maximise its potential in the global oil and gas market.
“We’re looking forward to working with Steve and the team to make the most of the considerable opportunities available for a technology which will drive significant efficiencies in the growing oil sands market.”
The deal follows Epi-V’s investment in Aberdeen-based Brinker Technology. Brinker uses a unique and patented particle-based technology to remotely locate and seal leaks in oil and gas production and pipeline infrastructure.
Since the deal Epi-V has been working closely with management to build a strategy to develop the customer-focused, commercial orientation required to successfully globalise the business.
