Saudi Aramco Energy Ventures invests in ZiLift
Saudi Aramco Energy Ventures (SAEV) has invested in ZiLift, a developer of artificial lift systems.
Existing investors include Energy Technology Ventures, Energy Ventures, Chevron Technology Ventures, Viking Venture, Jebsen Asset Management and Investinor.
Company
Founded in May 2009 and based in Aberdeen, ZiLift develops permanent magnet technologies for artificial lift applications.
The company is currently developing three products: TorqueDrive, targeting heavy oil production and gas well deliquification, including conventional and unconventional gas wells; SpeedDrive, targeting retrofit conventional oil wells; and KickStart, for kill fluid displacement as an alternative to coil tubing/nitrogen lift.
People
Ibrahim Buainain is the CEO of SAEV. Iain Maclean is the CEO of ZiLift.
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