Sentinel Subsea has secured a six-figure investment from Alba Equity and Scottish Enterprise as it continues to develop its technology for the monitoring of subsea wells.
Founded in 2018, the Aberdeen-headquartered firm has developed WellSentinel, a unique alert system for monitoring and managing the integrity of subsea wells, wellheads and xmas trees.
Alba Equity, also Aberdeen-based, is an investment syndicate that focuses on high-growth businesses developing unique and patented technologies.
It said that the investment and its expertise will support the growth and development of the business, and will help realise benefits for the wider subsea sector.
Alba’s investment follows the recent appointment of Ray Riddoch OBE as chairman of Sentinel Subsea earlier this month.
Sentinel CEO Neil Gordon said: “We are delighted to have secured this funding from Alba Equity along with the support from their highly experienced syndicate members.
“We know our technology has vast benefits for the industry including large cost savings and a reduced emission footprint – this investment will allow us to continue our vital work towards eliminating risks associated with maturing infrastructure and extend the life of the subsea facilities.”
WellSentinel triggers an alert beacon when leaking gas or oil is detected at the well. This beacon rises to the surface, before sending an individual coded signal via satellite to alert the well owner.
Because the system does not require active power or data communication, the company says the solution offers “a proven method of long-term remote well integrity monitoring,” which has already been tested in successful field trials.
Alba Equity’s John Duncan said: “We are delighted to support Sentinel Subsea with its next stage of growth both with the investment and introduction of Ray who will bring a wealth of knowledge to the team.
“We believe the solutions that Sentinel has developed address an urgent requirement for the continual monitoring of subsea wells as well as an essential commitment to environmental integrity as the industry focuses on the energy transition.
“There is no other technology that provides asset operators the assurance that Sentinel’s system gives. We are excited to be part of the next stage of growth for the business and support the Sentinel team.”
Sentinel Subsea was also a beneficiary of Scottish Enterprise’s Grey Matters programme in 2018, and has garnered longstanding support from the agency.
Scottish Enterprise director of growth investments, Kerry Sharp, added: “Our contribution to this latest funding round demonstrates our continued confidence in the company’s innovative technology and high-growth potential, which we believe will ensure it plays an important part in Scotland’s energy transition.”