Hicor Technologies Commercializing Revolutionary Compressor Technology
HOUSTON, TX – July 14, 2015 – Today, Hicor Technologies, Inc. announced that it has closed its Series B financing round, which continues the funding of its development and commercialization efforts. The most recent funding was led by Statoil Technology Invest and also supported by existing investors Energy Ventures, Chevron Technology Ventures, and Mertz Holdings. Hicor Technologies is developing a game-changing technology that enables wet gas compression while decreasing the complexity, cost, and energy required to compress and produce natural gas.
Additionally, the Company announced it has received its first purchase order from Statoil for a field trial of its compressor in an unconventional onshore wellhead application. The aim of the field trial will be to validate the Hicor compressor’s multiphase capability on a live well stream, yielding increased production with reduced capital and operating expenses.
“This additional funding from one of the world’s most prestigious producers strongly validates the market need for the technology we’re commercializing,” said Pedro Santos, Hicor’s CEO. “There are thousands of wells in the United States that will see dramatically improved economics when our innovative multiphase compressor is deployed, and we’re delighted to work with Statoil to bring our compressor to market.”
Richard Erskine, Managing Director of Statoil Technology Invest added, “Statoil is pleased to be a part of Hicor’s development, and we look forward to working with Hicor to commercialize their technology. Our operations group has been looking for an effective solution for the handling of multiphase production, and Statoil Technology Invest will work with our assets in implementing Hicor technology as a potential solution.”
Offshore and Subsea Development
In addition, Statoil Technology Invest will be working with Hicor and other producers to validate the technology for offshore and subsea applications. Hicor predicts that its compressor will substantially reduce the compression footprint requirements of FPSO and other offshore packages and will improve the efficiency of subsea multiphase production.
About Hicor Technologies, Inc.
Hicor was founded in 2010 and boasts extensive experience in engineering, technology development, oilfield and manufacturing operations, and innovation. Hicor leads the industry as the only company in North America to have made a step-change advancement in gas compression technology in the past 50 years. It operates a world-class facility with generous lab space in Houston, TX where it develops its technology, grows its ideas, and builds and tests its compressors.
About Statoil Technology Invest
Statoil Technology Invest (STI) develops innovative technology startup companies with unique technology that has potential to improve Statoil’s operations. Through investment and active ownership STI contributes to accelerate the companies’ development to become independent suppliers to Statoil and other companies in the energy industry. In addition to equity financing, STI also has LOOP project financing. Today STI’s portfolio counts about 20 investments and 15 LOOP projects, and STI is actively seeking new investment opportunities.