Angels, Vancouver’s Yaletown Venture Partners Secure Funding for Calgary’s nFluids

By: Talha Bhatti  |   July 28th, 2013   |   Business, News, O Canada

nFluids, a Calgary based start-up which has developed a proprietary nanoparticle oil and gas drilling fluid additive, has managed to secure financing from various Angels and Vancouver’s Yaletown Venture Partners. After impressing the crowd with their additive which reportedly reduces the loss of fluid during drilling, increases lubrication as well as strengthen the well bore.

 

Since Alberta is a hub when it comes to drilling for oil and gas in Canada, nFluids could really benefit from getting their idea mainstreamed. This could eventually benefit numerous businesses and organizations in reducing the overall cost and environmental impact that is associated with the drilling process. Making the general process more effective and efficient from all corners.

 

The acquisition amount has yet to be confirmed by sources.

 

“This partnership not only provides us with capital but it also adds a partner with considerable market intelligence and industry expertise. We will be utilizing this expertise as we continue to progress towards commercialization,” saidnFluids president David Edmonds, according to Techvibes.com. “nFluids is ramping up operations through a series of field tests that will support existing laboratory results and provide additional data to bring the technology closer to market.”

 

It is known that Dr.MaenHusein and Dr.GeirHareland were the two minds that came together and gave birth to nFluids at the University of Calgary.  It was launched through Calgary’s Company Creation program and according to experts, the market for oilfield drilling fluids throughout the globe is expected to surpass $7 billion.

 

“The worldwide market for oilfield drilling fluids for 2013 is projected to be $7.2 billion, and is looking for new technology to solve some very complex problems,” added Yaletown partner Brad Johns. “We are excited to be working with a company that is developing world leading products for such a dynamic and growing market.”

 

For now, nFluids is reportedly still in the process of refining its products that have already shown to demonstrate the ability to reduce fluid loss by up to 90%. This kind of data is certainly monumental and could lead to making that significant mark in reducing overall pollution while excavating for energy and other natural resources. The way it works is by cooling the drill bit, removing cutting and provide hydrostatic pressure to balance the pressure from the reservoir. This in return fills the cracks and pores, making it safer for use along with decreasing the costs by manifolds.

Source:TechVibe