Archangels lead £1m investment in pump technology firm

Scottish business angel investment syndicate Archangels has led a £1 million investment into a pump technology firm.

WaveLIFT Limited secured over £1 million from Archangels, with co-investment from Scottish Enterprise and a private investor, to further develop its innovative Artificial Lift pump technology for the oil and gas sector.

The Stirling-based firm develops conceptual down-hole pump designs which are is in high demand, as 90 per cent of wells require a form of Artificial Lift.

WaveLIFT is headed up by Steve Bruce, former chief executive of Darcy and Schlumberger, and Simon Munro, formerly of Business Growth Fund and equity firm Lime Rock Partners.

Steve Bruce, chief executive of WaveLIFT, said: “The need for exploiting the world’s remaining oil reserves has never been greater. With increased exploration costs and reduced profit margins forcing operators to maximise returns from existing portfolios, we are well positioned to take advantage of this opportunity through our innovative Artificial Lift products.

“This is an exciting time for WaveLIFT and we are thrilled that our investors are supporting the next stage of our business. Having the funding support of Archangels, the Scottish Investment Bank and private investment will allow us to continue to grow and commercialise our business.”

Niki McKenzie, investment director at Archangels, added: “Archangels’ investors were keen to lead this funding for WaveLIFT who now require support to meet the growing demand for artificial lift products in the oil & gas sector. Their product is innovative and unique and it has gained positive feedback from some major players in sector. We have been providing growth capital and investing in start-up companies in Scotland for a quarter of a century and we are proud to have WaveLIFT in our portfolio of exciting businesses.”