Zilift secures backing for artificial lift innovation
Scottish Enterprise is supporting a new £2.3-million ($2.8-million) R&D project by artificial lift system specialist Zilift.
The company aims to cut costs and enhance recovery rates from oil and gas developments via a new product, SpeedDrive2625, based on its patented magnet technology.
This is said to have attracted interest from major oil and gas operators active in the North Sea, US, Africa, Middle East, and Far East.
Due to the industry downturn Zilift had faced delaying development of the product by two years, but is back on track following the grant from Scottish Enterprise.