Exited Investment


Halfwave’s innovative acoustic asset integrity inspection technology platform delivers GHG impact by averting methane leakage from natural gas infrastructure and reducing the down-time of offshore wind farms.

What attracted EV Private Equity to the company?

EV Private Equity was attracted to Halfwave due to the innovative and partly disruptive nature of its proprietary technology and the fact that the core of the business could be characterized as a platform technology with an opportunity for it to be expanded upon. Halfwave provides accurate and reliable inspection data that allows customers to make informed choices to maintain the integrity of their critical assets. The main focus when EV invested was the unique technology application to inspect high pressure large pipelines transporting oil and gas and with a value proposition of providing an fully integrated inspection service that would enable clients to take early action to prevent methane leakage from pipelines. But we also saw and had clear ideas on how the superior acoustic inspection technology could be exploited and expanded upon in other market segments.

What was EV’s role?

With the deep PE experience and sector knowledge, EV Private Equity saw the company’s potential, and was willing to take the risk to commercialise the technology. The deal was sourced as a proprietary bi-lateral negotiation with the major international certification body DNV GL, and EV took control of the investment from day one by conducting hands on strategic advice, while also becoming a proactive member of the board.

EV Private Equity introduced strategic co-investors, Chevron and Shell and brought in growth capital through an LP co-investment. Throughout the holding period we also through our network impacted and assisted in strengthening the management team. After the main In Line Inspection business reached a steady commercial growth phase, EV then initiated the spinning out of two separate sister companies applying Acoustic Resonance Technology (ART) for external Subsea inspections and for downhole well applications. Based on the initial company investment, EV was now able to exercise a multiple exit strategy.

In February 2020, the Inline Inspection and Subsea Inspection businesses were sold to Eddify/NDT.

Key milestones?

The commercialisation of the main In Line Inspection business took longer and cost more than originally planned, but EV has with stamina believed in, and assisted in bringing to the market a disruptive pipeline inspection technology for multiple dimensions and both liquid and gas service – the ARTSCAN. This was also pivotal in Halfwave achieving the 2018 Offshore Pipeline Technology Award.

Halfwave enjoyed a steadily growing, solid and diversified international blue chip client base and was awarded both regular on- and offshore pipeline inspection contracts as well as multiple prestigious engineering, procurement, build and inspection projects for some of the world’s most demanding pipeline projects being constructed. Halfwave also benefited from a sponsored and partly soft funded development contract for the next generation In Line Crack Detection tooling for gas service.

The Halfwave subsea inspection methodology called ARTEMIS was in the latter part of the holding period commercialised and was grabbing solid attention and a gradual growing market share – amongst other related to advanced inspection of critical deep water assets such as flexible risers as well as for grouting inspection of offshore windmill foundations.

Key achievements?

Halfwave’s In Line Inspection and Subsea Inspection businesses showed strong year-on-year growth over the last three holding years and were on a continued strong growth trajectory when they were sold just prior to COVID-19.