ProVenture Seed II invest in ICON Instruments AS. The company is developing two products that measure and transfer well pressure and fluid properties from downhole completion systems or wellhead to surface utilizing acoustic (ITP) and inductive (IBP) technology.
In short, the technology allow operators to know what fluids are beneath the plug. The technology allow significant operational savings and enhanced safety through extended knowledge about the conditions below the plug.
ProVenture invests to contribute to further technology development and testing of the products. Frederik Hvistendahl, responsible partner at ProVenture says, “We have been discussing with ICON Instruments for some time, and we are impressed by both the team and the possibilities that lay in the further development of ICON’s technology. We see a specific and substantiated push from the marketplace on the technology and look forward to contribute in the development and commercialization of the products.”
Managing Director Jarl Endre Pedersen says “I am pleased to get ProVenture on board, and look forward to cooperating with an investor that contribute not only with capital, but also with oil and gas competence and experience.”
ICON Instruments AS is a spin-off from Industrial Controls AS that among other things develop automation and control systems. Jarl Endre Pedersen, Erik Skjold, Kåre Olav Krogenes and Kjetil Jåsund are the founders of ICON Instruments. The company holds base in Stavanger.