Energy services firm Proserv has acquired a minority stake in Glasgow based power system monitoring expert Synaptec.
It follows the formation of a strategic alliance in October 2020 to drive forward the innovation of condition-monitoring technologies for the sector.
Synaptec, developed as a spin out business from Strathclyde University in 2014, is comprised of former leaders from the power sector, academic professors and energy entrepreneurs.
It has aided a technology consortium, led and driven by Aberdeen-based Proserv, aimed at innovating the pioneering holistic cable monitoring system, ECG, for the offshore wind market.
ECG uses Synaptec’s passive electrical and mechanical instrumentation systems, integrating its unique distributed electromechanical sensors, or DES, as a key element.
The technology has won a landmark contract on phases A and B of the Dogger Bank Wind Farm, and it is to be demonstrated on Equinor’s floating Hywind Scotland wind farm later this year.
Synaptec is one of several technology disrupters and start-ups with whom Proserv has recently forged alliances.
Other partnerships have been struck with data analytics firm Intelligent Plant in late 2020 and more recently, real-time optimisation innovators Ortomation.
Proserv’s vice president, renewables, Paul Cook said: “We have formed a close working relationship with the Synaptec team over the past two years as we have combined our controls and integration expertise, and reputation, with its own unique power system monitoring capabilities, leading to the generation of disruptive new solutions to support the offshore wind space.
“We look forward to further collaboration as we seek to identify more opportunities where we can deploy our know-how right across the energy sector.”
Synaptec’s chairman Dave Pratt remarked: “Synaptec is delighted that Proserv has become one of our investors, joining our existing shareholders who also supported this funding round. As a well-established, experienced provider of control and instrumentation systems, Proserv brings fundamental technical and commercial expertise which will be vital to ‘business as usual’ implementation of Synaptec’s sensor technology.
“Our integrated systems are already being deployed on the world’s largest offshore wind farm and the world’s first floating wind farm. Proserv’s investment and support will help Synaptec scale up to meet increasing market demand.”
As part of the transaction, Proserv’s chief executive Davis Larssen will take up a seat on Synaptec’s board.
Mr Larssen said: “I am delighted to take up a seat on Synaptec’s Board. This is a team comprising both technical excellence and a pioneering, creative outlook, very much like our own.
“Our commitment to acquiring a stake in the business cements our relationship further and builds progressively on what has been an open and constructive alliance. At Proserv, we always seek to develop and nurture partnerships that will ultimately lead to genuine gains and benefits for the broader energy market.”