Cold Bore Technology Inc., the leader in frac completions automation and platform technology, has closed $14 million in growth financing, the company said on July 29. The round was led by bp ventures with participation from the Canadian Business Growth Fund (CBGF). Existing investors include the Rice Investment Group (RIG), a $200 million multistrategy, energy sector investment fund.
Cold Bore is leading a major shift in the completions (fracking) industry towards safer, more autonomous operations by providing oil & gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated software and hardware platform designed to collect, analyze, and report data which would otherwise be underutilized. Better utilization of this data unlocks operators’ ability to make step-change improvements across all key performance indicators.
SmartPAD deployments are on pace to exceed 100% year-on-year growth in 2021, as more and more operators recognize Cold Bore as a key enabler for keeping workers safe and meeting heightened ESG commitments.
Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.
Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s U.S. onshore operations. The technology will support bpx’s efforts to continuously improve its operations.
“The oil and gas industry has realized that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil and gas operations,” Brett Chell, co-founder and president at Cold Bore Technology, said.
“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. We believe the caliber of our customers and investors demonstrates the market opportunity before us. The future of the oil and gas industry is autonomous operations,” Brett added.
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Installation and commissioning of the equipment are slated for 2022 and 2024.