Game-Changing Norwegian Chemical Injection Technology gets new International Owner
Yokogawa Acquires Techinvent and the FluidCom technology to strengthening their solutions targeting the worldwide oil and gas upstream and midstream sectors.
TechInvent AS* announces that Yokogawa Electric Corporation has acquired 100% of the company and the unique FluidCom™ Technology – the ONS 2016 Innovation Award (SME) Winner.
To obtain a controlled and efficient use of production chemicals and to optimize the oil and gas production, one of the measures is to ensure reliable and accurate chemical dosage. The FluidCom™ is a fully automatic chemical injection controller that by its unique patent technology is considered as a worldwide game changer enables significant Capex and Opex savings for the users. Following achievement as Proven Technology in 2016, the FluidCom™ has been the preferred choice by multiple Oil Companies in both Greenfield and Brownfield projects.
Commenting on the acquisition, Alf Egil Stensen, CEO of TechInvent and Inventor of the FluidCom™. says:
“We find it as a fantastic opportunity now being part of a very strong well-known worldwide industrial organization. This brings forward our technology and ability to continue serving our highly valued customers on a worldwide basis. We will continue to grow our operation out of Stavanger as being Yokogawa Center of Excellence for Chemical Injection, and further develop the FluidCom product line to expand the range of value added solutions and enable delivery in new ways to our worldwide customers”
Alf Egil Stensen will continue as CEO and Preben Jørgensen as BDD of the company, now making part of Yokagawa.
Commenting on the acquisition of TechInvent, Shigeyoshi Uehara, head of Yokogawa’s IA Products and Service Business Headquarters in Tokyo, says:
“FluidCom technology will improve flow assurance, which is a key concern of our customers in the oil and gas industry, and it will make a major contribution to their operations by helping them not only improve production efficiency and reduce operational costs, but also enhance HSE. The combination of FluidCom, KBC’s simulation technology, and Yokogawa field devices will allow us to expand the range of our upstream and midstream solutions and enable the delivery of value in new ways to our customers.”
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TechInvent was founded in 2008 by the founder and CEO Alf Egil Stensen, the venture capital firm Statoil Technology Invest AS, Aarbakke Innovation AS and ipark AS.The company has been supplying its chemical injection FluidCom™ technology to major oil companies since 2016.
Sparebank 1 SR-Bank Markets acted as exclusive financial advisor to TechInvent for the aquisition.
Yokogawa's global network of 113 companies spans 60 countries. Founded in 1915, the US$3.5 billion company engages in cutting-edge research and innovation. Yokogawa is active in the industrial automation and control (IA), test and measurement, and aviation and other businesses segments.
The IA segment plays a vital role in a wide range of industries including oil, chemicals, natural gas, power, iron and steel, pulp and paper, pharmaceuticals, and food. Targeting this segment, Yokogawa helps companies maximize their profits by offering a wide range of highly reliable products and working with the subsidiary KBC Advanced Technologies to provide premium solutions and services.
For more information about Yokogawa, please visit www.yokogawa.com
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* legal name TechInvent2 AS