EPi-V backs sands systems developer Scarlet

The multi-million investment will be used to finance a new management team, which includes the recent hire of a new managing director. Scarlet will also use the funding to open an office and product development facility.

EPi-V is additionally working on series-B funding for Scarlet, which will include a debt component, to be completed by mid-2010. The second stage of financing will be used to support engineering development and product commercialisation.

The investor was attracted to the company because of its growth prospects, and sourced the deal directly.

Company
Aberdeen-based Scarlet has developed a sand screen and inflow control technology that uses hydraulic force to change the shape of pressure chambers within the screen sections. The technology, targeted at oil and gas operators, provides higher flow rate capability and lowers installation risk.

People
Steve Kent worked on the deal for EPi-V. Steve Bruce is Scarlet's new managing director. Paul Metcalfe, who invented the product, will work with the company as a product consultant.

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