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Investment for cutting-edge Aberdeen engineering firm

Friday, July 22, 2016

Aberdeen firm EC-OG (East Coast Oil and Gas Engineering Ltd.) has announced that they have secured over £1 million of external investment from Castle View Ventures and the Scottish Investment Bank, the investment arm of Scottish Enterprise.

This long-term strategic investment follows the announcement of a £1.2 million research and development grant from the High Growth Start-Up Unit in December 2015.

Innovative in the face of a challenging period in the oil and gas market, EC-OG has seized the opportunity to develop a state-of-the-art subsea power generation system known as the Subsea Power Hub (SPH). The SPH provides localised electrical power directly to remote subsea locations. It converts ocean currents into renewable power to reduce operating costs.

This substantial investment will be used to accelerate the growth of the company by focusing on the commercialisation of the SPH. The SPH brings new opportunities to oil and gas companies who want to make day-to-day operational efficiencies in order to meet the cost challenges in the industry. With the SPH, clients can reconfigure their electrical supply systems to make them significantly more efficient. EC-OG also looks to continue to provide the best possible client experience by leveraging the extensive talent pool in Aberdeen, projecting the creation of 14 new jobs.

Richard Knox, Managing Director of EC-OG Ltd said 'After being a finalist in the 2016 Offshore Achievement Awards in March, it is with great pleasure that we can now announce this substantial seven figure funding boost from Castle View Ventures and the Scottish Investment Bank. This investment forms part of the continued support from Scottish Enterprise, where the High Growth team in particular has delivered personalised support to promote domestic and international growth here at EC-OG. The investments from Castle View Ventures and the Scottish Investment Bank are concrete votes of confidence in the strategy of EC-OG and will allow our rapid growth to continue. We're building a future where power supply and distribution costs are substantially reduced. Our Subsea Power Hub is at the heart of this next generation of subsea systems which we will shortly deliver.'

Martin Bell from Castle View Ventures stated, 'We are thrilled to add the EC-OG SPH project to our portfolio and to be part of an exciting period of growth at EC-OG. The SPH is a beacon for the future of the oil and gas industry, such an original concept which will provide real results for clients.'

Lena Wilson chief executive of Scottish Enterprise and chair of the Energy Jobs Taskforce, said: 'It's great to see the excellent progress EC-OG Ltd has made since I visited them in December last year and today marks a significant milestone in their growth journey. As the oil and gas sector continues to face considerable challenges, this forward thinking, innovative company is creating new jobs and building optimism in the sector and I warmly congratulate them on their success.'

Associated Companies
» East Coast Oil and Gas
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