LONDON – Wireless well technology developer Acoustic Data has secured an $8-million investment from Energy Growth Momentum (EGM).
The funds will allow the company to expand its manufacturing capability and increase its team to take advantage of growing demand for its proprietary wireless downhole pressure and temperature gauge system.
Acoustic Data was formed in 2012 by Jesse Tolley and Mark Tolley. Its SonicGauge system employs what is described as ‘next generation’ acoustic telemetry to transmit data to surface in order to monitor oil well and reservoir performance across a wide range of applications.
Its major benefit is that it can be quickly and safely retrofitted to an existing well, the company says, using a patented high-expansion gauge hanger.
According to Jesse Tolley: “With large-scale pilots being executed this month with both an NOC and an IOC, we are approaching an inflection point in our company’s life cycle.
“With the combination of a truly unique technology package and the financial backing from a strategic partner such as EGM, we are now primed to become the dominant player within this market niche across the next few years.”