Airborne Oil & Gas secures Chevron Technology Ventures as investor and shareholder
Airborne Oil & Gas, the world’s leading composite pipe manufacturer, has secured an investment from Chevron Technology Ventures, the technology investment arm of Chevron Corporation of the USA. The Dutch manufacturer has developed a range of composite pipe products that offer unique benefits for offshore oil & gas operations. The pipes are non-metallic, which eliminates corrosion. This enhances reliability and safety while significantly reducing operational expenditure, particularly for Flowlines. The spoolable composite pipes can be installed significantly faster and with simpler vessels than traditional steel-based pipes, resulting in a 30% cost saving. The lightweight composite pipes also offer substantial savings when they are used as risers for deepwater production.
Airborne Oil & Gas has received a number of DNV-GL qualifications for its product design and manufacturing, as well as product qualifications from several leading Operators. The significant cost-saving benefits of its products and the company’s track record and qualification status promise tremendous growth for the company in the current low oil price environment. The company is planning an expansion of its manufacturing facility near Amsterdam in The Netherlands.
With this investment, Chevron Technology Ventures joins Shell and Evonik as corporate investors in Airborne Oil & Gas.
“We are very pleased to welcome Chevron Technology Ventures to our shareholder base,” said Eric van der Meer, CEO of Airborne Oil & Gas. ”We have a long-standing relationship with Chevron, including the recent delivery of an ultra-high pressure product to them, and consider their investment as a great addition to our achievements.”
About Chevron Technology Ventures
Chevron Technology Ventures pursues business solutions and technologies with the potential to improve Chevron’s base business operations by sponsoring and demonstrating emerging technologies and championing their integration into Chevron to improve business value. The Venture Capital Team finds, sponsors and demonstrates early stage technology and champions its integration into Chevron. Chevron VC invests in companies at any phase in the development cycle – from providing early-stage seed investment to offering capital for full-scale commercialization – and helps transfer the technology into the business.
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