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£3.25m invested in LUX Assure

Wednesday, February 13, 2013

Technology business LUX Assure has received £3.25m to transform the company from a technology development business to a service provider for the oil and gas industry.

The investment comes from ConocoPhillips, Statoil Technology Invest AS, Archangel Informal Investment (Archangels), and the Scottish Investment Bank (SIB), a division of Scottish Enterprise.

LUX Assure's CoMic and OMMICA products will form the core of the company post investment. CoMic is used to deliver improved corrosion management. Corrosion costs oil companies many millions of dollars each year and CoMic enables optimisation of chemicals used for corrosion protection. OMMICA offers a simple method to monitor hydrate inhibitors.

Since 2010 Archangels, Scotland's largest provider of business angel funding has, along with SIB invested £0.8m in LUX Assure, after identifying significant promise in the company's plan to focus on the oil and gas industry.



Associated Companies
» LUX Assure
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