SAEV backs InflowControl

The equity injection marks the first institutional funding round for the company. The new capital, as well as the company's relationship with SAEV, will allow InflowControl to pursue expansion into the Middle Eastern market.

InflowControl is also in the process of commercialising its new product, the autonomous inflow control valve (AICV).

Prior to the funding round, InflowControl's three founders, Vidar Mathiesen, Haavard Aakre and Bjørnar Werswick, wholly owned the company with equal stakes.

SAEV invests between $1-30m in companies, typically reserving 50% of an investment for follow-on funding. The firm tends to acquire minority stakes.

Company
Founded in 2011, InflowControl is headquartered in Porsgrunn. The company designs ICD technology. InflowControl is Achilles-certified as a supplier for the oil industry in Norway and Denmark.

The company's new technology, AICV, is designed to shut off gas and water ingression to prevent unwanted fluid production in oil wells, while allowing oil production from other inflow zones in the well to continue. According to InflowControl, its AICV technology is self-regulating, does not require any control or electronics, and is reversible to allow oil flow to resume where the AICV previously closed off.

InflowControl claims that its AICV technology will allow for increased oil production and recovery while removing the risk and cost of separating and handling unwanted fluid.

People
Vidar Mathiesen is the CEO of InflowControl, as well as one of the founders of the company alongside technology manager Haavard Aakre and engineering manager Bjørnar Werswick.

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• Topics
• Nordics
• Expansion
• Industrials
• Norway