ProVenture invests in Well Conveyor AS
ProVenture Seed II closes its ninth investment with an investment in Well Conveyor AS. Well Conveyor is developing a slim battery operated downhole well conveyance tractor designed to meet customers demand for cost effective conveyance of fiber optic cables, slickline conveyed electric memory logging tools as well as extending the reach of current downhole technology.
Well Conveyor is based in Bryne, outside of Stavanger.
“We are happy to announce our investment in Well Conveyor. We have been working with the company for some time, and we are impressed with the technical competence and determination of the founding team. We have a strong belief in the downhole tractor that we believe will open conveyance markets and deliver a much wanted solution to service companies and operators world-wide, as well as providing a platform for future exciting down-hole solutions” says Senior Partner at ProVenture, Frederik Hvistendahl.