New investment from Saudi Aramco Energy Ventures (SAEV) is driving the next phase of global growth for UK-based company CorrosionRADAR Ltd. The funding will enable CorrosionRADAR to strengthen its operations and widen efforts to address Corrosion Under Insulation (CUI) and other operational challenges through digitalisation.
SAEV’s investment was part of a $5m funding round which also included investment from the MEIF Proof of Concept & Early Stage Fund (managed by Mercia and part of the Midlands Engine Investment Fund), Mercia’s EIS funds and angel investors.
The latest funding boost follows successful on-site installations of CorrosionRADAR predictive corrosion monitoring systems at a primary Aramco production facility.
Dr Chiraz Ennaceur, CEO at CorrosionRADAR said:
“We welcome this exciting collaboration with Saudi Aramco Energy Ventures as we step up the global response to CUI through the adoption of digital solutions. This investment demonstrates a surge of confidence from the sector in the use of real-time data systems that will accurately predict leakages and the onset of structural failure. With the worldwide cost of corrosion at $2.5 trillion, a co-ordinated effort cannot come soon enough. CorrosionRADAR is showing that a sustainable path to increased safety and dramatically reduced costs is achievable right now, using new technology and wireless connectivity.”
CorrosionRADAR is seeing growing demand for its smart solutions as oil and gas, petrochemical and chemical companies look to make their operations safer, cleaner and more energy efficient through improved maintenance and management of their assets. Its data-driven predictive corrosion monitoring systems are transforming the approach to on-site inspection and maintenance programmes – yielding cost savings of between 40 and 60 per cent following installation and extending the lifetime of assets.
Mike Hill of Saudi Aramco Energy Ventures said:
“CorrosionRADAR’s solution will help operators around the world manage their capital spend better and increase the economic life of their existing assets, in a cheaper, safer and more efficient manner whilst reducing people movement. We are delighted to help CorrosionRADAR in its next stage of development.”
CorrosionRADAR systems combine patented Electro-Magnetic Guided Radar (EMGR) wireless sensing technology and Industrial Internet of Things (IIoT) applications to continuously monitor and safeguard complex structures and critical assets from the effects of corrosion. With a series of sensors embedded under the asset insulation, the systems have exceptional range and will relay real-time data to localise CUI well in advance of damage or structural failure.
Pilot project outcomes have included increased pipeline uptime with an early detection of moisture, corrosion avoidance in production columns, and optimised downtime for inspection and repair in assets with complex geometries.
CorrosionRADAR’s disruptive solution means an end to intensive cycles of manual inspection and maintenance and in their place, optimised and predictive asset integrity management.
Stephen Windsor, Investment Manager at Mercia, said:
“Further to the funding round that Mercia led in the Summer of 2020, I am delighted to announce that we have invested additional capital in CorrosionRADAR alongside Saudi Aramco Energy Ventures. CorrosionRADAR has continued to develop from strength to strength and the company’s ability to raise a sizeable scale-up round during these testing times is a huge testament to the hard work of Chiraz Ennaceur (CEO), Prafull Sharma (CTO), Mehrdad Silatani (COO) and the wider CorrosionRADAR team – well done all!”
The Midlands Engine Investment Fund project is supported financially by the European Union using funding from the European Regional Development Fund (ERDF) as part of the European Structural and Investment Funds Growth Programme 2014-2020 and the European Investment Bank.
For further information about this press release, or if you would like to arrange an interview with CorrosionRADAR, please email: Catherine Condie.