Airborne Oil & Gas (AOG) has raised EUR 23 million in a series C investment round from both new and existing shareholders.
Saudi Aramco Energy Ventures (SAEV) joins the shareholder base with an investment of EUR 10 million.
The funds raised will enable AOG to further focus on growing the business, including product development, qualification, expanding its manufacturing capacity and increasing its sales force, the company explained.
Eric van der Meer, CEO Airborne Oil & Gas, said: “We are very pleased to have secured this latest funding. We feel strongly supported by our shareholders and see the current investment as further evidence that our products and capabilities can make a large contribution to the industry’s need to structurally reduce costs. We are happy to welcome SAEV as a new shareholder. Their specific needs offer us an opportunity to further expand our product offering and grow business volume. AOG is seen as a game changer, significantly reducing capex and operational expenditure, while enhancing reliability. Even in the current low oil price environment with its rather challenging market conditions our strong business potential is recognized, as emphasized by our ability to raise significant funds under current circumstances.”
“We are delighted with the investment opportunity into Airborne Oil & Gas. Corrosion in midstream infrastructure is a global problem; AOG’s product offering is highly compelling to the oil and gas industry and to Saudi Aramco. We look forward to working with the AOG team to further develop the company’s already unique offerings and to growing the business,” said Majid Mufti, CEO of SAEV.