Cold Bore Technology closes $14m financing for SmartPAD technology
Cold Bore Technology, a leader in frac completions automation and platform technology have announced it has closed $14M in growth financing.
The round was led by bp ventures with participation from the Canadian Business Growth Fund (CBGF). Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.
Cold Bore is leading a major shift in the completions (fracing) industry towards safer, more autonomous operations by providing oil & gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated software and hardware platform designed to collect, analyse, and report data which would otherwise be underutilized. Better utilization of this data unlocks operators’ ability to make step-change improvements across all key performance indicators.
SmartPAD deployments are on pace to exceed 100% year-on-year growth in 2021, as more and more operators recognize Cold Bore as a key enabler for keeping workers safe and meeting heightened ESG commitments.
Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.
Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.
“The oil & gas industry has realized that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations,” said Brett Chell, Co-founder & President at Cold Bore Technology.
“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. We believe the calibre of our customers and investors demonstrates the market opportunity before us. The future of the oil & gas industry is autonomous operations,” Brett added.
Commenting on their 19th investment to date, CBGF CEO, George Rossolatos shared, “We are proud to back Brett and the Cold Bore team alongside bp ventures as part of our first investment in an Alberta-based company and we are excited to work with other entrepreneurs in the province!”